Elliott wave analysis of GBP/JPY for Dec 3, 2019

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GBP/JPY dipped a bit lower than the expected support-zone between 141.09 – 141.33. The low has been seen at 140.87. Despite the deeper correction, nothing has changed and a new attack on the resistance at 141.69 is expected shortly for a continuation higher towards 143.19 and 144.58 as the next upside targets.

Support at 140.87 is likely to protect the downside for a more serious test of 141.69.

R3: 142.14

R2: 141.69

R1: 141.58

Pivot: 141.33

S1: 141.13

S2: 140.89

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 3 – 2019

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