Elliott wave analysis of GBP/JPY for Jan 28, 2020

analytics5e2fc9f3844f6.png

GBP/JPY is consolidating before pushing lower towards 140.80 and ideally into the target-zone between 139.29 – 139.83 to complete wave C of iv and setting the stage for the new impulsive rally to above 147.95.

In the short term, we should expect resistance near 142.94 capping the upside for renewed downside pressure towards 140.80 and likely closer to the target-zone between 139.29 – 139.83.

R3: 143.53

R2: 143.20

R1: 142.94

Pivot: 142.56

S1: 142.19

S2: 141.61

S3: 141.08

Trading recommendation:

We sold GBP at 143.95 and have our stop placed at 144.45

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

Source:: Elliott wave analysis of GBP/JPY for January 28 – 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

*