Elliott wave analysis of GBP/JPY for Dec 2, 2019

Posted On 02 Dec 2019

GBP/JPY remains lock in a sideways correction below short-term important resistance at 141.69. However, it can be a matter of time before this resistance is broken before it starts to lift higher to 143.19 and 144.58 as the next upside targets.

Support is seen at 141.33 and 141.09. This support-zone may protect the downside for a clear break above 141.69 and higher to 143.19.

R3: 142.57

R2: 142.14

R1: 141.69

Pivot: 141.58

S1: 141.33

S2: 141.09

S3: 140.61

Trading recommendation:

We are long GBP from 140.12 with our stop placed at 139.85

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

Source:: Elliott wave analysis of GBP/JPY for December 2 – 2019

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