Elliott wave analysis of GBP/JPY for Jan 31, 2020

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We have seen the expected corrective rally and a new impulsive decline to below 140.80 into the ideal target-zone between 139.29 – 139.83 as expected.

We were looking for a corrective rally to 142.73 This rally has overcome this target and has peaked at 143.00. We are now looking for a break below minor resistance at 142.44 and more importantly a break below support at 142.07 to confirm the decline to 140.80 on the way lower to the target-zone.

R3: 143.55

R2: 143.32

R1: 143.00

Pivot: 142.71

S1: 142.44

S2: 142.22

S3: 142.07

Trading recommendation:

We remain short from 143.95 with our stop at break-even.

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

Source:: Elliott wave analysis of GBP/JPY for January 31 – 2020

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