23.06.201415:28 Forex Analysis & Reviews: Daily analysis of GBP/JPY for June 23, 2014

Long-term review

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As shown on today's 4H chart, last week the pair closed below the Resistance level of 174.00 and couldn't break it, which means the pair would probably reverse its bullish move this week to take a downward move. Today, the pair has already started its downward move after it hit the Support level of 173.50 and managed to break it through to take a slightly downward move. Currently, the pair is approaching the Support level of 172.75. Therefore, we should stop selling now till breaking this Support level and closing 4H below. In that case the pair will continue its downward move and open the way towards the next Support level of 172.00 to continue its bearish scenario, so we can suppose our first target is few pips above this level.

Resistance and support levels: R3 (174.40), R2 (174.00), R1 (173.50), S1 (172.75), S2 (172.00), S3 (171.50).

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