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

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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

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