Elliott wave analysis of GBP/JPY for Dec 11, 2019


GBP/JPY is trying to lift up despite the lack of upside momentum. However, as long as minor support at 142.37 is able to protect the downside, we could see a final spike higher to the target at 144.55 to complete red wave v and black wave iii and set the stage for a larger and long-term correction in black wave iv.

As black wave ii was with simple but deep zig-zag correction, we should expect black wave iv to shallow. So, now keep your focus on the upside as long as support at 142.37 is able to protect the upside.

R3: 144.55

R2: 143.87

R1: 143.25

Pivot: 142.34

S1: 141.70

S2: 141.24

S3: 140.88

Trading recommendation:

We are long GBP from 140.12 with our stop placed at 142.25. We will take half profit at 143.15 and half profit at 144.45 if seen.

The material has been provided by InstaForex Company – www.instaforex.com

Source:: Elliott wave analysis of GBP/JPY for December 11 – 2019

Won't your trader friends like this?
About the Author
InstaForex brand was created in 2007 and at the moment it’s a top choice of more than 2,000,000 traders. More than 1,000 clients open accounts with InstaForex every day. All InstaForex clients get great opportunities for effective trading on the forex market, as well as on-time technical and customer support

Related Posts

Leave a Reply