03.02.201416:10 Forex Analysis & Reviews: Daily analysis of GBP/JPY for February 03, 2013

Long-term review

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Overview

In today's H4 chart, the pair failed to continue its bearish move and could not break the Support level of 166.00 and bounced from it to reverse its downward move taking an upward movement and managed to test the Resistance area of 167.00 then 167.75. Currently, the pair is approaching the Resistance area trying to break it through to continue the upward move. More bullish signals would be expected in case of closing 4H above this Resistance area with the first target few pips below the Resistance level of 168.50 then 169.50 as the second target.

Resistance and support levels: R3 (168.50), R2 (167.75), R1 (167.00), S1 (166.00), S2 (165.60), S3(165.00).

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