GBP/JPY Short term Outlook

GBP/JPY has broken major support 177 and decline till 175.48 cannot be ruled out.

Intraday bearish invalidation can happen only above 177.80. On the upside above 177.80 will extend gains till 178.36/179.

Indicators (1 Hour chart)

CCI (50) - Sell

CCI (14) – Sell

Ichimoku - Sell

Recommendation: Sell GBP/JPY around 177.20, SL 177.85, Target 175.50.