- GBP/JPY has recovered slightly till 178.18 (200 day HMA) after making a low of 176.47. Short term trend is still bearish as long as resistance 178.25 holds.
- 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 178.25 and any indicative break above would extend gains till 178.70/179.25.
Indicators (1 Hour chart)
CCI (50) – Buy
CCI (14) – Sell
Recommendation: Sell GBP/JPY around 177.65 SL 178.25, Targets 176.50/175.85.
The material has been provided by InstaForex Company – www.instaforex.com