- GBP/JPY has slightly recovered till 178.14 after making a low of 177.17. Overall trend is weak as long as resistance 178.83 (200 day 4HMA) holds.
- On the upside any break above will target 179.28/180.10 in short term. The minor resistance is around 178.20.
- The pair’s minor support is around 177.07 (cloud bottom) and any break below will drag the pair further down till 176.35/175.85.
Indicators (4 Hour chart)
Woodies CCI (14) – Sell
CCI (50) – Buy
Ichimoku- Neutral
We prefer to Sell GBP/JPY around 178 with stop around 178.85 for the target of 176.40.
The material has been provided by InstaForex Company – www.instaforex.com