- GBP/JPY has broken short term resistance 178.10 and this confirms bullishness and a jump till 179.30 cannot be ruled out term trend is bullish as long as support 177.40 holds.
- On the downside minor support is around 177.40 and any break below will target 177/176.60.
- The pair’s resistance is around 178.70 and any break above will extend gains till 179.28/180.10.
Indicator (4 hour chart)
CCI (50) – Buy
Woodies CCI (14) – Buy
Ichimoku- Buy
It is good to buy around 178.10 for the target of 179.28 with stop around 177.40.
The material has been provided by InstaForex Company – www.instaforex.com