04.04.201412:33 Forex Analysis & Reviews: Daily analysis of GBP/JPY for April 04, 2014

Long-term review

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Overview

As it was expected last week, we should wait for breaking the Resistance level of 173.00 before making the decision to continue the bullish move. Today and as shown in the H4 chart, the pair failed to break this Resistance level and yesterday it failed to break it as well to reverse its bullish move taking a slightly bearish move to approach the Support level of 172.00 as shown. Currently, we must wait for testing this Support level and breaking it through to continue its bearish move. If the pair manages to break this Support level and closes 4H below, it would be another good opportunity for more sell signals till reaching the Support level of 171.50 as the first target.

Resistance and support levels: R3 (174.00), R2 (173.70), R1 (173.00), S1 (172.00), S2 (171.50), S3 (170.50).

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