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Short

GBP/JPY Short term Outlook

FX:GBPJPY   British Pound/Japanese Yen
222 0 1
GBP/JPY             made a high of 187.25 and is struggling to hold above the median line .overall trend is bearish as long as resistance 187.30 holds.
On the upside break of 187.30 will take the pair to 187.80/189.20 in short term. The pair’s minor support is around 186 and any indicative break below would extend loss to 185/184.40.
In the hourly chart it has also formed bearish divergence in MACD and is expected to show slight weakness for the intraday.

CCI (50) – Buy
CCI (14) – Sell
Ichimoku- Neutral

Recommendation: Sell GBP/JPY             around 186.50-55, SL 187.30, Target 185.02
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