Elliott wave analysis of GBP/JPY for Feb 4, 2020


GBP/JPY is expected to dip to the ideal target-zone between 139.26 – 139.82 to complete the ongoing correction in wave iv. In the short-term, we could see a minor pop close to the 141.84 – 142.12 resistance-area before turning lower again towards the expected target-area between 139.26 – 139.82.

It will take an unexpected break above resistance at 143.30 to indicate the completion of wave iv.

R3: 142.39

R2: 142.12

R1: 141.84

Pivot: 141.53

S1: 141.24

S2: 140.95

S3: 140.54

Trading recommendation:

We are short GBP from 143.95 and we will move our stop lower to 143.35.

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

Source:: Elliott wave analysis of GBP/JPY for February 4 – 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