• GBP/JPY has recovered slightly after making a low of 176.47. Short term trend is still bearish as long as resistance 178 holds.
  • On the downside 176.50 is acting as short term support and any break below will drag the pair further down till 175.80/175.
  • The pair’s short term resistance is around 178 and any indicative break above would extend gains till 179/180.25.

Indicators (1 Hour chart)

CCI (50) – Buy

CCI (14) – Sell

CCI (14)-Sell

Recommendation: Sell GBP/JPY around 177.25-30 SL 178, Targets 176.50/175.85. 

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