We prefer to go short in GBP/JPY

FX:GBPJPY   British Pound / Japanese Yen
Positioning Bias:

GBP/JPY has recovered slightly after making low of 179.25. Overall trend is bullish as long as resistance 183.80 holds.

On the upside minor resistance is around 181.80 and any indicative break above would extend gain to 183.15/183.80 in short term.

The pair’s major support is around 178.80 ( 50% retracement of 167.99 and 189.67) and break below will take the pair to 176.27/175.65.

Indicator (4 Hour Chart)
CCI (50) – Sell
CCI (14) – Sell
Ichimoku- Sell

Recommendation: Sell GBP/JPY around 181.04, SL 183.80, Target 175.75.