GBP/JPY has broken major support 183.50 and is currently trading 182.80. Overall trend is weak and decline till 181.60 cannot be ruled out.
The pair’s minor support is around 182.20 (200 day 4 HMA) and any break below will target 181.60.
On the upside is around 183.50-60 (Support turned into resistance) and any intraday trend reversal can happen only above that level.
Indicators (4 Hour chart)
CCI (50) - Sell
CCI (14) - Sell
Ichimoku- Sell
Recommendation: Sell GBP/JPY around 182.90, SL 183.60, Target 181.65.
The pair’s minor support is around 182.20 (200 day 4 HMA) and any break below will target 181.60.
On the upside is around 183.50-60 (Support turned into resistance) and any intraday trend reversal can happen only above that level.
Indicators (4 Hour chart)
CCI (50) - Sell
CCI (14) - Sell
Ichimoku- Sell
Recommendation: Sell GBP/JPY around 182.90, SL 183.60, Target 181.65.