Elliott wave analysis of GBP/JPY for February 20, 2019

Posted On 20 Feb 2019

The break above key resistance at 143.03 confirmed that wave ii/ completed with the test of 141.00 and wave iii/ is developing. The next upside target to look for is seen at 146.02 and near 147.00 as wave iii/ makes it way higher towards the 161.8% extension target at 151.50.

Support is now seen in the 144.26 – 144.33 area and key support is seen at 143.36.

R3: 146.02

R2: 145.59

R1: 144.75

Pivot: 144.55

S1: 144.33

S2: 143.93

S3: 143.36

Trading recommendation:

Our stop+revers was hit at 143.10. We will protect our new long position with a stop at break-even at 143.10.

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

Source:: Elliott wave analysis of GBP/JPY for February 20, 2019

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