GBP/JPY Short Term outlook

FX:GBPJPY   British Pound / Japanese Yen
136 0 1
GBP/JPY             has retreated till 179.28 (resistance turned into support) and recovered from that level. Intraday bias is on upside and a jump till 183 cannot be ruled out .

On the downside major support is around 179.28 and break below will drag the pair further down till 178.40 (200 day 4HMA)/177.40.

Indicators (4 Hour chart)

Woddies CCI (14) – Buy

CCI (50) – Buy

Ichimoku- Buy

We prefer to Buy GBP/JPY             around 179.50 with stop around 178.40 for the target 181.10/183.

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