GBP/JPY breaks major support 177, decline till 175 is expected

GBP/JPY has recovered slightly after making a low of 177.59. 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 and any indicative break above would extend gains till 177.70/178.

Indicators (1 Hour chart)

CCI (50) - Sell

CCI (14) - Sell

CCI (14)-Sell

Recommendation: Sell GBP/JPY around 176.60, SL 177.10, Targets 175.80/175.85.