Elliott wave analysis of GBP/JPY for Feb 7, 2020


GBP/JPY hit 142.82. It broke below short-term important support at 142.20 which indicates more downside pressure in wave c of iv towards the ideal target at 139.24 and maybe even closer to 137.86.

The 142.82 peak should now be able to cap the upside for more downside pressure. The low has been seen at 140.80 and the final rally to above the peak of wave iii at 147.94 is developing.

R3: 142.82

R2: 142.55

R1: 142.29

Pivot: 142.06

S1: 141.71

S2: 141.44

S3: 141.23

Trading recommendation:

We sold GBP at 142.80 and we will place our stop+revers at 142.90.

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

Source:: Elliott wave analysis of GBP/JPY for February 7 – 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