• GBP/JPY has recovered slightly till 178.40 after making a low of 176.47. Short term trend is still bearish as long as resistance 178.50 holds.
  • On the downside 177 is acting as short term support and any break below will drag the pair further down till 176.45/175.75.
  • The pair’s short term resistance is around 178.25 and any indicative break above would extend gains till 178.70/179.25.

Indicators (1 Hour chart)

CCI (50) – Buy

CCI (14) – Sell

CCI (14)-Sell

Recommendation: Sell GBP/JPY around 177.65 SL 178.50, Targets 176.50/175.85. 

The material has been provided by InstaForex Company – www.instaforex.com