• 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 177.50 (Cloud top) 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 (4 Hour chart)

CCI (50) – Buy

CCI (14) – Buy

CCI (14)-Buy

Recommendation: Buy GBP/JPY around 178, SL 177.45, Targets 178.70/179.40. 

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