GBP/JPY is facing strong resistance around 178.83 (200 day 4HMA) and any short term trend reversal can happen only above that level.
On the upside any break above will target 179.28/180.10 in short term. The minor resistance is around 178.20.
The pair’s minor support is around 177.27 (cloud bottom) and any break below will drag the pair further down till 176.35/175.85.
Indicators (4 Hour chart)
Woodies CCI (14) – Neutral
CCI (50) – Buy
Ichimoku- Neutral
We prefer to Sell GBP/JPY around 178 with stop around 178.85 for the target of 176.40.
On the upside any break above will target 179.28/180.10 in short term. The minor resistance is around 178.20.
The pair’s minor support is around 177.27 (cloud bottom) and any break below will drag the pair further down till 176.35/175.85.
Indicators (4 Hour chart)
Woodies CCI (14) – Neutral
CCI (50) – Buy
Ichimoku- Neutral
We prefer to Sell GBP/JPY around 178 with stop around 178.85 for the target of 176.40.