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GBP/JPY breaks major support 177, decline till 175 is expected

FX:GBPJPY   British Pound / Japanese Yen
135 1 2
GBP/JPY             has recovered slightly after making a low of 177.59. Short term trend is still bearish as long as resistance 179 holds

On the downside 176.50 is acting as short term support and any break below will drag the pair further down till 175.80/175.

The pair’s short term resistance is around 177 and any indicative break above would extend gains till 177.70/178.

Indicators (1 Hour chart)

CCI (50) - Sell

CCI (14) - Sell

CCI (14)-Sell

Recommendation: Sell GBP/JPY             around 176.60, SL 177.10, Targets 175.80/175.85.
yes 175.6 beyond which i will be looking at 170-171 or even 168 but that's too early to tell
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