GBP/JPY Short term outlook

FX:GBPJPY   British Pound / Japanese Yen
156 0 1
GBP/JPY             has broken short term resistance 178.10 and this confirms bullishness and a jump till 179.30 cannot be ruled out .Short term trend is bullish as long as support 177.40 holds.

On the downside minor support is around 177.40 and any break below will target 177/176.60.

The pair’s resistance is around 178.70 and any break above will extend gains till 179.28/180.10.

Indicator (4 hour chart)

CCI (50) - Buy

Woodies CCI (14) – Buy

Ichimoku- Buy

It is good to buy around 178.10 for the target of 179.28 with stop around 177.40.
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