GBP/JPY Short term outlook

FX:GBPJPY   British Pound / Japanese Yen
215 0
GBP/JPY has once taken support near 181 and recovered till 182.33 from that level. In 4 hours it has formed a triple bottom around 181.40 and jump till 183.70 cannot be ruled out.

On the downside any break below 181.40 will drag the pair further down till 180/179.10.

The pair’s minor resistance is around 182.30 and nay break of would extend gains till 183/183.70.

Indicators (4 hour chart)
CCI (50) – Sell
CCI (14) – Sell

Recommendation: Buy GBP/JPY around 182.10, SL 181.35, Targets 183/183.60.
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