GBP/JPY Short Term Outlook

GBP/JPY has taken support around 181.50 (200 day HMA) and recovered from that level. Overall trend is bullish as long as support 181 holds.

On the downside break below 181 will take the pair till 180.

The pair’s minor resistance around 182.50 (Trend line joining 184.15 and 183.19) and break of will target 183.20/184.15.

Indicators (1 hour chart)
CCI (50) – Sell
CCI (14) - Buy
Ichimoku- Neutral

Recommendation: Buy GBP/JPY around 182, SL 181, Targets 183.18/184.10.