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

Slobodan Drvenica Windsor Brokers

GBPJPY

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

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.

EUR/USD flirts with daily highs, retargets 1.1900

EUR/USD regains upside traction, returning to the 1.1880 zone and refocusing its attention to the key 1.1900 barrier. The pair’s slight gains comes against the backdrop of a humble decline in the US Dollar as investors continue to assess the latest US CPI readings and the potential Fed’s rate path.

GBP/USD remains well bid around 1.3650

GBP/USD maintains its upside momentum in place, hovering around daily highs near 1.3650 and setting aside part of the recent three-day drop. Cable’s improved sentiment comes on the back of the Greenback’s irresolute price action, while recent hawkish comments from the BoE’s Pill also collaborate with the uptick.

Gold clings to gains just above $5,000/oz

Gold is reclaiming part of the ground lost on Wednesday’s marked decline, as bargain-hunters keep piling up and lifting prices past the key $5,000 per troy ounce. The precious metal’s move higher is also underpinned by the slight pullback in the US Dollar and declining US Treasury yields across the curve.

Crypto Today: Bitcoin, Ethereum, XRP in choppy price action, weighed down by falling institutional interest

Bitcoin's upside remains largely constrained amid weak technicals and declining institutional interest. Ethereum trades sideways above $1,900 support with the upside capped below $2,000 amid ETF outflows.

Week ahead – Data blitz, Fed Minutes and RBNZ decision in the spotlight

US GDP and PCE inflation are main highlights, plus the Fed minutes. UK and Japan have busy calendars too with focus on CPI. Flash PMIs for February will also be doing the rounds. RBNZ meets, is unlikely to follow RBA’s hawkish path.

Ripple Price Forecast: XRP potential bottom could be in sight

Ripple edges up above the intraday low of $1.35 at the time of writing on Friday amid mixed price actions across the crypto market. The remittance token failed to hold support at $1.40 the previous day, reflecting risk-off sentiment amid a decline in retail and institutional sentiment.