GBP/JPY is trading weak ,decline till 175 is expected
• GBP/JPY has recovered slightly after making a low of 176.47. Short term trend is still bearish as long as resistance 179 holds.
• On the downside 176.50 is acting as short term support and any break below will drag the pair further down till 175.80/175.
• The pair's short term resistance is around 177.50 and any indicative break above would extend gains till 178.50/179.
Indicators (1 Hour chart)
CCI (50) - Sell
CCI (14) - Sell
CCI (14)-Sell
Recommendation: Sell GBP/JPY around 177.50 SL 178.51, Targets 176.50/175.85.
• On the downside 176.50 is acting as short term support and any break below will drag the pair further down till 175.80/175.
• The pair's short term resistance is around 177.50 and any indicative break above would extend gains till 178.50/179.
Indicators (1 Hour chart)
CCI (50) - Sell
CCI (14) - Sell
CCI (14)-Sell
Recommendation: Sell GBP/JPY around 177.50 SL 178.51, Targets 176.50/175.85.