GBP/JPY Short term outlook

FX:GBPJPY   British Pound / Japanese Yen
173 0 1
GBP/JPY             has recovered after making a low of 178.22. Overall trend is bearish as long as resistance 180.25 holds.

On the upside any break above 180.25 will target 180.80/181.20 in short term. Short term bullishness can be seen only above 180.80.

The pair’s major support is around 178 and any break below could pave way for next target around 175.80.

Indicators (4 hour chart)
CCI (50) – Sell
CCI (14) – Buy
Ichimoku- Sell

Recommendation: Sell GBP/JPY             around 179.60, SL 180.25, Target 178.20.

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