FxWirePro

GBP/JPY Daily Outlook

Long
FX:GBPJPY   British Pound / Japanese Yen
2
GBP/JPY has made a low of 178.69 and has slightly recovered from that level. In 4 hours chart CCI has formed bullish divergence so slight pullback till 182.50 cannot be ruled out.
On the downside minor support is around 178 and any break below will take the pair to 176.35 in short term.
The pair’s is facing resistance around 181(Support turned into resistance) and any indicative break above would extend gain to 182.50.

Indicator (4 Hour Chart)
CCI (50) – Sell
CCI (14) – Sell
Ichimoku- Sell

Recommendation: Buy GBP/JPY around 179.50, SL 178.50, Target 180.90/182.50.