GBP/JPY Short term Outlook

FX:GBPJPY   British Pound / Japanese Yen
145 0 0
GBP/JPY             has retreated till 178.59 after making a high of 180.07. Overall trend is still bearish as long as 180.25 holds.

On the downside 178.50 is acting as short term support and any break below will drag the pair further down till 177.75/177.

The pair’s short term resistance is around 178.90 and any indicative break above would extend gains till 179.50/180.25.

Indicators (4 Hour chart)

CCI (50) - Sell

CCI (14) - Buy

CCI (14)-Sell

Recommendation: Sell GBP/JPY             around 179, SL 180.25, Targets 177.75/177.

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