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
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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