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
The information contained in this document was obtained from sources believed to be reliable, but its accuracy or completeness cannot be guaranteed. Any opinions expressed herein are in good faith, but are subject to change without notice. No liability accepted whatsoever for any direct or consequential loss arising from the use of this document.
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