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

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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

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