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

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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

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