07.04.201417:01 Forex Analysis & Reviews: Daily analysis of GBP/JPY for April 07, 2014

Long-term review

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

Overview

From the today's H4 chart, we find that the pair opened this week above the support level of 170.50 and below the resistance level of 171.50. Currently, it is testing the resistance level of 171.50 to continue its bullish trend. Given that the pair continues its bullish movement and closes 4H above the resistance level, it would be another opportunity for more bullish signals with first target few pips below the resistance level of 172.00, then we should wait for breaking above this resistance level to get more bullish signals towards the resistance level of 173.00 as the second target. But as long as the price is trading below the resistance level of 171.50 and cannot break it through, this cancels the bullish scenario.

Resistance and support levels: R3 (173.00) R2 (172.00) R1 (171.50), S1 (170.50), S2 (169.75), S3 (169.20).

Back to the list

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.