Elliott wave analysis of GBP/JPY for Jan 14, 2020

analytics5e1d56b4c1d11.png

GBP/JPY found support at 142.38 but should continue to be capped by resistance at 143.50 for renewed downside pressure through support at 143.50 for a decline to 140.81 on the way to the ideal target at 137.57.

A break above 143.50 will be of concern and indicate that wave iv has completed prematurely with the test of 140.81 and that wave v to at least 149.00 is developing.

R3: 143.77

R2: 143.50

R1: 143.28

Pivot: 142.90

S1: 142.56

S2: 142.38

S3: 142.15

Trading recommendation:

We are short GBP from 143.03 with our stop placed at 143.50. We will also buy GBP if 143.60 is broken.

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

Source:: Elliott wave analysis of GBP/JPY for January 14, 2020

Won't your trader friends like this?
InstaForex
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

*