GBP/JPY takes support around 176.75,jump till 179.50 is possible

FX:GBPJPY   British Pound / Japanese Yen
161 0 1
GBP/JPY             has once again recovered after making a low of 176.75. This confirms intraday bullishness and jump till 179.50 cannot be ruled out.

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 177.85 and any indicative break above would extend gains till 178.75/179.50
Indicators (4 Hour chart)

CCI (50) - Buy

CCI (14) - Buy

CCI (14)-Buy

Recommendation: Buy GBP/JPY             around 177.50, SL 176.45, Targets 178.45/179.40.
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