Daily analysis of GBP/JPY for December 25, 2014
Proceeding from the today’s H4 chart, the pair is still moving between the support level of 186.70 and the resistance level of 187.70, and now the pair fails again to break the resistance level.
If the pair breaks it to take an upward movement, it might continue its bullish trend and we will have a good chance to buy again above the resistance level of 187.70 until the H4 ending above the resistance level of 188.50 as a target level.
Then we should wait for crossing this resistance level to continue the upward move and open the way towards the resistance level of 189.30.
On the other hand, if the pair fails to break the resistance level of 187.70 and recoils from it, it may take a downward trend, which will set the support level of 186.70 again.
Thus, we suggest waiting for the next closure before making any decision.