Daily analysis of GBP/JPY for May 30, 2014



Overview:
The H4 chart demonstrates today that the pair still cannot break the support area of 170.00-169.75 and it is currently trading above the support area, so we should wait for the mid-day closing. If the pair manages to close 4H below it, there will be a good opportunity to sell till reaching the support level of 169.20 after closing 4H below it. After that we should wait for breaking out this support level to continue the bearish move. In case the pair is able to break the support level of 169.20 and closes 4H below it, we will get bearish strength which will provide new sell signals and enable the support level of 168.50 as a target level.

Resistance and support levels:
R3 (172.75), R2 (172.00), R1 (171.50), S1 (170.00), S2 (169.75), S3 (169.20).

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