Elliott wave analysis of GBP/JPY for Jan 27, 2020

analytics5e2e796aaad85.png

GBP/JPY has followed the expected path lower through support at 142.94. This adds renewed downside pressure towards 140.80and towards support in the 139.29 – 139.83 target-zone.

In the short term, we could see a minor correction to retest the former support at 142.94 which is now acting as resistance before renewed downside pressure towards 140.80 and the way lower.

R3: 143.53

R2: 143.20

R1: 142.94

Pivot: 142.56

S1: 142.19

S2: 141.61

S3: 141.08

Trading recommendation:

We are short GBP from 143.95 and we have moved our stop lower to 144.45.

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

Source:: Elliott wave analysis of GBP/JPY for January 27 – 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

*