Elliott wave analysis of GBP/JPY for May 25, 2020

analytics5ecb4b9d7a1d3.jpg

At this point we have no reason to cast away the alternate bullish count. That said, this count only becomes our favored count if resistance at 133.19 is broken. We have seen a small corrective decline from 131.78 and the sub-waves are equal in length which gives this count credibility. However, we will need a break above minor resistance at 131.95 and a break above resistance at 133.19 to confirm that this is a correct count and look for more upside in weeks ahead.

R3: 132.67

R2: 131.95

R1: 131.35

Pivot: 130.56

S1: 130.19

S2: 129.77

S3: 129.25

Trading recommendation:

We buy at a break above 131.95 or sell at a break below 129.25

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

Source:: Elliott wave analysis of GBP/JPY for May 25, 2020

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

*