Elliott wave analysis of GBP/JPY for July 26, 2019

Posted On 26 Jul 2019

GBP/JPY is fighting its way higher, but has not started to accelerate higher as we had wished for. This does not mean the risk has shifted towards the downside, just that we have to stay patient.

We expect minor support in the 135.06 – 135.18 area will be able to protect the downside for a break above minor resistance at 135.47 and more importantly above resistance at 135.67 for the next push higher towards 137.04 and 137.79.

R3: 137.04

R2: 136.58

R1: 136.06

Pivot: 135.67

S1: 135. 18

S2: 135.06

S3: 134.91

Trading recommendation:

We are long EUR from 134,85 and we will raise our stop to 134.65

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

Source:: Elliott wave analysis of GBP/JPY for July 26, 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