Elliott wave analysis of GBP/JPY for Jan 10, 2020

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GBP/JPY is likely to fail to regain the 143.46 peak and break back below support at 142.40 for a new decline below 141.10 towards 139.25 and the ideal target near 137.31. Even if GBP/JPY will be able to hit 143.46 again, the potential towards the upside will be limited to 143.73 for renewed downside pressure through support at 142.79 and more importantly below 142.40 for a decline below 141.10.

R3: 144.23

R2: 143.73

R1: 143.46

Pivot: 142.79

S1: 142.40

S2: 141.96

S3: 141.50

Trading Recommendation:

We sold GBP at 143.04 with a 144.25 stop.

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

Source:: Elliott wave analysis of GBP/JPY for January 10 – 2020

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