GBPJPY surged above 151.00 and hit the highest since June 2016

Slobodan Drvenica Windsor Brokers

GBPJPY

The pair blasted through psychological 150 barrier on Thursday and broke above strong barrier at 151.11 (Fibo 38.2% of larger 195.24/123.83 (Aug 2015 / Sep 2016 descend), boosted by fresh hawkish comments from BoE MPC member about interest rate hike in coming months.
Weekly close above this pivotal point would generate another strong bullish signal for further advance.
The pair is currently riding on the third wave of five-wave cycle from 139.30 and eyes its FE 300% at 152.08.
There are no firmer signals of fatigue so far, as the pair gained over 3.5% in less than two days and strongly overbought daily studies, however, corrective action could be anticipated in coming sessions.
Former tops at 148.45; 148.10 and 147.77 (posted on 11 Dec 2016; 07 May and 09 July 2017 respectively) now act as solid supports.

Res: 151.54; 152.08; 153.01; 154.24
Sup: 151.00; 150.00; 149.31; 148.45

Author

Slobodan Drvenica

Windsor Brokers

Industry veteran with over 22 years’ experience, Slobodan Drvenica joined Windsor Brokers in 1995 when he was an active trader for more than 10 years, managing the trading desk and own account departments.

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