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GBPJPY - today’s fresh fall nearly fully retraced 146.93/149.06 correction

Written by Slobodan Drvenica | 2017-10-12 13:00:39 GMT

The pound surged lower against yen on Thursday and retraced the biggest part of three-day 146.93/ 149.06 recovery rally after news of possible stall of Brexit talks deflated sterling.
Today's fall sends signal that corrective phase off 146.93 might be over after rally was capped by falling Tenkan-sen.
Recent correction leg is also the fourth (corrective wave of five-wave cycle from 152.85) which ended at 149.06 and the price is currently tiding on the fifth wave which could travel to 146.00, according to wave principles (the length of wave 1).Fresh bearish acceleration faces strong supports at 147.09/146.93 (daily Kijun-sen/previous low of 09 Oct), break of which is needed to signal continuation of larger downtrend from 152.85 (21 Sep peak).

Res: 147.84; 148.46; 148.37; 148.77
Sup: 147.09; 146.93; 146.07; 145.14

GBPJPY

Author

Slobodan Drvenica
hotforex

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