GBP/JPY Short term Outlook

GBP/JPY has broken major support 177.85 (200 day 4HMA) and decline till 175.80 cannot be ruled out.

On the upside minor resistance is around 178.60 and any break above could pave way for next target at 179.25/180.

Indicators (Daily chart)

CCI (50) – Sell

CCI (14) – Sell

Ichimoku-Sell

Recommendation: Sell GBP/JPY around 177.60-65, SL 178.60, Target 175.80.