03.03.201517:14 Forex Analysis & Reviews: Daily analysis of GBP/JPY for March 03, 2015

Long-term review

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Overview

As it is shown on the attached H4 chart, the price has closed below the support area of 184.60 and gave a new opportunity for more bearish signals today. As it is depicted, the price has already broken 184.60 and now is testing the support level of 183.50. Closing below this level again may provide us with more sell signals util the price tests the support level of 182.50. So we can consider our first target a few pips above this support level then 182.00 as the second level. But we should wait for breaking 183.50 and closing H4 below before making a decision. But the price's closing above the support level of 183.50 cancels the bearish scenario.

Resistance and support levels: R3 (185.00), R2 (184.60), R1 (184.00), S1 (183.50), S2 (182.50), S3 (182.00).

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