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Technical Outlook GBPJPY 06 October 2017

Oct 6 2017, 05:57 AM (CDT) |

GBPJPY – extended wave ‘C’ eyes its Fibo expansions at 147.02 and 146.25

Negative sentiment on political uncertainty in the UK keeps sterling under pressure. The cross extends weakness on Friday and broke below target at 147.67 (Fibo 38.2% of 139.30/152.85 rally), as Thursday’s long bearish daily candle weighs.
Bears look for fresh negative signal on close below 147.67, with the pair being on track for the second weekly bearish close and biggest one-week fall since late January.
Next target lies at 147.02 (FE 138.2% / daily Kijun-sen / rising 30SMA) with further stretch of current third wave of five-wave cycle from 152.85, to target its Fibonacci expansion levels at  146.25 (FE 161.8%) and 145.76 (FE 176.4%).
Initial resistance lies at 148.02 (session high), followed by daily Tenkan-sen in steep fall (currently at 149.50).

Res: 147.67; 148.02; 148.37; 149.15
Sup: 147.02; 146.25; 146.07; 145.76

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