FX.co ★ Daily analysis of GBP/JPY for February 10, 2015

Overview

Proceeding from the today's H4 chart, the pair is still trading between the support level of 181.00 and the resistance level of 182.00 and currently the pair fails again to break the resistance level. If the pair breaks it to take an upward movement, it may continue its bullish trend and we will get a good opportunity to buy again above the resistance level of 182.00 untill closing H4 below the resistance level of 182.50 as a level target. Then we have to wait for breaking this resistance level to continue the upward move and open the way towards the resistance level of 183.00. On the other hand, if the pair failed to break the resistance level of 182.00 and bounces from it, it may take a downward trend, which will enable the support level of 181.00 again. Therefore, we suggest waiting for the next closing before making a decision.

Resistance and support levels: R3 (183.00), R2 (182.50), R1 (182.00), S1 (181.00), S2 (180.50), S3(180.00)