Daily analysis of GBP/JPY for February 06, 2015
As started by today’s 4H chart, closing below the resistance level of 118.50 granted the price a chance to make a bearish move once it has failed to break it through.
As shown here, currently the price is striving to continue its bearish move and is heading to support level of 179.30. So now, we might find another opportunity for more sell signals which will make the way towards 179.00 as the first target.
Subsequently, the price should test the support level first to continue its bearish move. But only if the price becomes constant above the support level 179.30, this declines the first scenario.
Resistance and support levels:
- R3 (181.00)
- R2 (180.50)
- R1 (180.00)
- S1 (179.30)
- S2 (179.00)
- S3 (178.50)