GBPJPY breaks 200 Day HMA, decline till 175.80 is expected

• GBP/JPY has recovered slightly till 178.40 after making a low of 176.47. Short term trend is still bearish as long as resistance 178.50 holds.
  
• On the downside 177 is acting as short term support and any break below will drag the pair further down till 176.45/175.75.
  
• The pair's short term resistance is around 178.25 and any indicative break above would extend gains till 178.70/179.25.

Indicators (TF H1)
CCI (50) - Buy
CCI (14) - Sell
CCI (14)-Sell

Recommendation: Sell GBPJPY around 177.65 SL 178.50, Targets 176.50/175.85. 

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