GBPJPY surged above 151.00 and hit the highest since June 2016
|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
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.