GBP/JPY Short term Outlook

GBP/JPY has recovered slightly after making a low of 177.59. Short term trend is still bearish as long as resistance 179 holds

On the downside 177.50 is acting as short term support and any break below will drag the pair further down till 177/175.80.

The pair’s short term resistance is around 179 and any indicative break above would extend gains till 179.50/180.25.

Indicators (1 Hour chart)

CCI (50) - Sell

CCI (14) - Buy

CCI (14)-Sell

Recommendation: Sell GBP/JPY around 178, SL 179.10, Targets 177/175.85.