Elliott wave analysis of GBP/JPY for July 1, 2019

Posted On 01 Jul 2019

GBP/JPY has cleared short-term important resistance at 137.33 indicating that wave 2 completed with the 135.35. Now wave 3 is in motion for a new impulsive rally that ultimately should break above the 148.87 peak.

Short-term support is now seen at 137.20 with important support seen at 136.24. This later support must protect the downside or our bullish view will be frustrated.

R3: 138.50

R2: 138.27

R1: 137.80

Pivot: 137.52

S1: 137.20

S2: 136.76

S3: 136.26

Trading recommendation:

We are long GBP from 137.25 and we have placed our stop at 136.50.

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

Source:: Elliott wave analysis of GBP/JPY for July 1 – 2019

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