Elliott wave analysis of GBP/JPY for Jan 6, 2020

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GBP/JPY is correcting wave iii and should ideally push lower towards the 137.31 – 137.57 area to complete the onging zig-zag correction. Once complete we will be looking for renewed upside pressure, but we also have to be aware that the ongoing zig-zag could be part of a more complex and prolonged wave iv correction, but only time will show. For now we have to go we the facts we have present and that is more downside pressure to complete the zig-zag correction in wave iv in the 137.31 – 137.57 area.

R3: 143.00

R2: 142.78

R1: 142.22

Pivot: 141.77

S1: 141.29

S2: 141.09

S3: 140.85

Trading recommendation:

We will sell GBP at 142.50 if seen for a dip into the 137.31 – 137.57 area.

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

Source:: Elliott wave analysis of GBP/JPY for January 6, 2020

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