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Short

GBP/JPY Short term Outlook

FX:GBPJPY   British Pound / Japanese Yen
168 0 1
GBP/JPY             has recovered slightly after making a low of 176.47. Short term trend is still bearish as long as resistance 178 holds.

• On the downside 176.50 is acting as short term support and any break below will drag the pair further down till 175.80/175.

• The pair's short term resistance is around 178 and any indicative break above would extend gains till 179/180.25.
Indicators (1 Hour chart)

CCI (50) - Buy

CCI (14) - Sell

CCI (14)-Sell

Recommendation: Sell GBP/JPY             around 177.25-30 SL 178, Targets 176.50/175.85.
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