- GBP/JPY has once again recovered after making a low of 176.75. This confirms intraday bullishness and jump till 179.50 cannot be ruled out.
- 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 177.85 and any indicative break above would extend gains till 178.75/179.50.
Indicators (4 Hour chart)
CCI (50) – Buy
CCI (14) – Buy
CCI (14)-Neutral
Recommendation: Buy GBP/JPY around 177.50, SL 176.45, Targets 178.45/179.40.
The material has been provided by InstaForex Company – www.instaforex.com