We prefer to go long in GBP/JPY

FX:GBPJPY   British Pound / Japanese Yen
GBP/JPY has retreated after making high of 187.80. Short term trend is bullish as long as support 184.80 holds.

The pair’s minor resistance is around 187.30 and indicative break above would extend gain to 187.80/188.30 in short term.

On downside major support is around 184.80 and breaking 184.80 will target 183/181.65.

Overall trend reversal only below 181.

Recommendation: Buy GBP/JPY around 185.60, SL 184.80, Target 188.20.

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