GBP/JPY has broken major resistance around 180.30 and bounce till 182.70/185 cannot be ruled out.
On the downside 180 (resistance turned into support) is acting as major support and short term trend reversal can happen only below that level.
The break below 180 can take the pair to 179.20/178.48 in short term.
Indicators (4hour chart)
CCI (50) - Buy
CCI (14)- Buy
Ichimoku- Buy
Recommendation: Buy GBP/JPY around 181.15, SL 180, Targets 182.70/185.
On the downside 180 (resistance turned into support) is acting as major support and short term trend reversal can happen only below that level.
The break below 180 can take the pair to 179.20/178.48 in short term.
Indicators (4hour chart)
CCI (50) - Buy
CCI (14)- Buy
Ichimoku- Buy
Recommendation: Buy GBP/JPY around 181.15, SL 180, Targets 182.70/185.