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Short

GBP/JPY Short term outlook

FX:GBPJPY   British Pound / Japanese Yen
217 1 2
GBP/JPY             has recovered after making a low of 174.85. Overall trend is still weak as long as resistance 177.56 holds. Trend reversal can be seen only above 177.56 and above that it can reach till 179.28 level.

On the downside minor support is around 176.49 and any break below will target 176/175.49.

The pair’s resistance is around 177.56 and any break above will extend gains till 178.30/179.28.

Indicator (4 hour chart)

CCI (50)- Buy

Woodies CCI (14) – Buy

Ichimoku- Buy

It is good to Sell around 177.55 for the target of 175.50 with stop around 178.10.
I am watching out for this too.
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