GBP/JPY Short term Outlook:

GBP/JPY has retreated till 177.75 after making a high of 181.03. Overall trend is still bearish as long as 180.25 holds.

On the downside 177.75 is acting as short term support and any break below will drag the pair further down till 177/175.75.

The pair’s short term resistance is around 178.90 and any indicative break above would extend gains till 179.50/180.25.

Indicators (4 Hour chart)

CCI (50) - Sell

CCI (14) - Sell

CCI (14)-Sell

Recommendation: Sell GBP/JPY around 178.20, SL 179, Targets 177/175.80.