GBP/JPY has retreated after making a high of 181.03. Overall trend is still bearish as long as 181.05 (support turned into resistance) holds.
On the downside 179.15 is acting as short term support and any break below will drag the pair further down till 178/177.25.
The pair’s short term resistance is around 180.20 and any indicative break above would extend gains till 181.05/181.80.
Indicators (4 Hour chart)
CCI (50) - Sell
CCI (14) - Sell
CCI (14)-Sell
Recommendation: Sell GBP/JPY around 179.30, SL 180.20, Targets 178.20/177.30.
On the downside 179.15 is acting as short term support and any break below will drag the pair further down till 178/177.25.
The pair’s short term resistance is around 180.20 and any indicative break above would extend gains till 181.05/181.80.
Indicators (4 Hour chart)
CCI (50) - Sell
CCI (14) - Sell
CCI (14)-Sell
Recommendation: Sell GBP/JPY around 179.30, SL 180.20, Targets 178.20/177.30.