GBP/JPY is trading well above 180, jump till 183 is possible

GBP/JPY has recovered till 180.99 after making a low of 179.28 (resistance turned into support). Overall trend is on upside and a jump till 183 cannot be ruled out.

On the downside minor support is around 180 and break below will drag the pair further down till 179.25/178.30 (200 day 4HMA).

Indicators (4 Hour chart)

Woddies CCI (14) – Buy

CCI (50) – Buy

Ichimoku- Buy

We prefer to Buy GBP/JPY around 180.10 with stop around 179.25 for the target 181.10/183.