- GBP/JPY has once again recovered after making a low of 177.61. This confirms intraday bullishness and jump till 179.50 cannot be ruled out.
- On the downside 177.50 (200 DAY HMA) is acting as short term support and any break below will drag the pair further down till 177/176.50.
- The pair’s short term resistance is around 178.50 and any indicative break above would extend gains till 179.50.
Indicators (1 Hour chart)
CCI (50) – Sell
CCI (14) – Sell
Ichimoku- Neutral
Recommendation: Buy GBP/JPY around 177.60, SL 176.50, Targets 178.70/179.40.
The material has been provided by InstaForex Company – www.instaforex.com