FxWirePro

GBP/JPY Short Term Outlook

Short
FX:GBPJPY   British Pound / Japanese Yen
1
Short term trend: Bearish
Ichimoku analysis (1 Hour chart):
Tenkan-Sen level: 188.87
Kijun-Sen level: 188.84
Ichimoku cloud top: 187.78
Ichimoku cloud bottom: 187.27
GBP/JPY is retreating after making a high of 189.67. Short term trend is weak as long as resistance 189.70 holds.
The pair’s minor support is around 188.35 any break below would extend loss to 187.65/186 in short term .Overall trend reversal only below 185. The break of short term resistance 189.69 will take the pair to 190.50.

Indicators
Ichimoku (9, 26, 52, 26) - Sell
MACD (12.26.9) – Sell

Recommendation: Sell GBP/JPY around 188.55-60, SL 189.15, Target 187.75/186.80