FX.co ★ Daily analysis of GBP/JPY for February 06, 2015

Overview 

According to today's 4H chart, closing below the resistance level of 118.50 gave the price an opportunity to make a bearish move after it has failed to break it through. As shown here, currently the price is trying to continue its bearish move and is approaching support level of 179.30. In this case, we might get another opportunity for more sell signals which will open the way towards 179.00 as the first target. Then the price should test the support level first to continue its bearish move. But as long as the price stabilizes above the support level 179.30, this cancels 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)