Elliott wave analysis of GBP/JPY for July 5, 2019


We continue to look for a final dip closer to 134.50 to complete the wave 2 and set the stage for a new impulsive rally in the wave 3 that will ultimately break above the 148.87 peak.

In the short term, we see resistance at 136.24 and important resistance at 136.89. And only a breakout above the later will confirm that the wave 2 has completed and the wave 3 is developing.

R3: 136.89

R2: 136.46

R1: 136.24

Pivot: 135.75

S1: 135.35

S2: 135.00

S3: 134.50

Trading recommendation:

We will buy GBP at 134.65.

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

Source:: Elliott wave analysis of GBP/JPY for July 5, 2019

Won't your trader friends like this?
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