GBP/JPY Short Term Outlook

FX:GBPJPY   British Pound / Japanese Yen
Short term trend: Bearish
Ichimoku analysis (4 Hour chart):
Tenkan-Sen level: 186.23
Kijun-Sen level: 186.51
Ichimoku cloud top: 188.27
Ichimoku cloud bottom: 187.34

GBP/JPY has slightly recovered after making a low of 184.95 and short term trend is bearish as long as resistance 187.80 holds.
The pair’s major support is around 185 and any break below the support will target 184/182.95 in short term.
186.80- Short term resistance and any break of would extend gain to 187.30/187.85.
Long term trend reversal only above 187.85 ( 61.8% retracement of 189.67 and 184.95).
Ichimoku (9, 26, 52, 26) - Sell
MACD (12.26.9) – Sell

Recommendation: Sell GBP/JPY around 186.05-186.15, SL 186.81, Target 184.95/184.02.

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