Elliott wave analysis of GBP/JPY for Dec 6, 2019

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GBP/JPY continues to rally after having tested resistance at 143.19. Minor sideways correction may advance to 144.55 – the ideal target for red wave v and black wave iii. Short-term support is seen at 142.77 and at 142.44 with key-support at 141.70.

R3: 144.55

R2: 143.87

R3: 143.28

Pivot: 142.77

S1: 142.44

S2: 142.16

S3: 141.70

Trading recommendation:

We are long GBP from 140.12 with our stop placed at 141.55. We will take profit at 144.45

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

Source:: Elliott wave analysis of GBP/JPY for December 6

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