Elliott wave analysis of GBP/JPY for Feb 10, 2020


GBP/JPY has followed the expected path lower and should now respect short-term key resistance at 142.38 for the next part for the decline towards 140.80 on the way lower to at least 139.24 and possibly even closer to the equally target at 137.86.

An unexpected break above key resistance at 142.38 will indicate that a premature low already was found at 140.80 and a new impulsive rally is developing to above 147.94.

R3: 142.38

R2: 142.05

R1: 141.75

Pivot: 141.71

S1: 141.48

S2: 141.21

S3: 140.80

Trading recommendation:

We are short GBP from 142.80 and we will lower our stop+revers to 142.50

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

Source:: Elliott wave analysis of GBP/JPY for February 10, 2020

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