Elliott wave analysis of GBP/JPY for May 27, 2020

analytics5ecdf7ef4a00f.jpg

GBP/JPY tested the key-resistance at 133.19 but failed to break above in the first attempt, but after a minor correction a second and more successful attempt should be seen. A break above key-resistance at 133.19 will shift the currently alternate count to the preferred count and this outcome looks possible.

In the short-term, support is seen at 131.97 and ideally this support will be able to protect the downside for the next attack on key-resistance at 133.19. A break above here will call for a continuation higher to 135.38 on the way back to 145.95.

R3: 133.59

R2: 133.19

R1: 132.40

Pivot: 131.97

S1: 131.56

S2: 131.20

S3: 130.65

Trading recommendation:

We bought GBP at 131.95 and has placed our stop at 130.65

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

Source:: Elliott wave analysis of GBP/JPY for May 27, 2020

Won't your trader friends like this?
InstaForex
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

*