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24.10.201417:43 Forex Analysis & Reviews: Daily analysis of GBP/JPY for October 24, 2014

Long-term review

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Overview

As shown in today's H4 chart, the pair failed again to break the Support level of 173.00 and is still trading between the Support level and below the Resistance level of 173.75. Currently, the pair is bouncing from the Support level and starting a bullish move. So we still suggest waiting for closing above the Resistance level of 173.75 to give us a new OPPORTUNITY for more buy signals with the first target few pips below the Resistance level of 174.40, then after breaking this Resistance level, silver would OPEN the way towards the Resistance level of 175.00, which means more bullish signals, but as long as the metal trades below the Resistance level of 173.75, this cancels the bullish scenario.

Resistance and Support levels: R3 (175.00) R2(174.40) R1(173.75), S1 (173.00) S2 (172.00) S3(171.50).

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