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GBP/JPY Short term Outlook

FX:GBPJPY   British Pound / Japanese Yen
115 0 0
GBP/JPY             has retreated after making a high of 181.03. Overall trend is still bearish as long as 181.05 (support turned into resistance) holds.

On the downside 179.15 is acting as short term support and any break below will drag the pair further down till 178/177.25.

The pair’s short term resistance is around 180.20 and any indicative break above would extend gains till 181.05/181.80.

Indicators (4 Hour chart)

CCI (50) - Sell

CCI (14) - Sell

CCI (14)-Sell

Recommendation: Sell GBP/JPY             around 179.30, SL 180.20, Targets 178.20/177.30.
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