GBP/JPY Short term Outlook

FX:GBPJPY   British Pound / Japanese Yen
149 0 2
GBP/JPY             has recovered slightly till 178.40 after making a low of 176.47. Short term trend is still bearish as long as resistance 178.50 holds.

On the downside 177 is acting as short term support and any break below will drag the pair further down till 176.45/175.75

The pair's short term resistance is around 178.25 and any indicative break above would extend gains till 178.70/179.25.

Indicators (1 Hour chart)

CCI (50) - Buy

CCI (14) - Sell

CCI (14)-Sell

Recommendation: Sell GBP/JPY             around 177.65 SL 178.50, Targets 176.50/175.85.
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