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

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Short-term key resistance at 140.74 has been capped. We continue to look for support at 138.64 and a break below here will lead to a decline to a minimum 137.74 and possibly even closer to our ideal corrective target at 135.67 from where a new rally towards 144.98 is expected.

A direct break above short-term key resistance at 140.74 will indicate completion of the correction and a direct rally towards 144.98.

R3: 141.15

R2: 141.12

R1: 140.74

Pivot: 140.21

S1: 139.74

R2: 139.26

R1: 139.07

Trading recommendation:

We will buy 50% GBP at 137.85 and 50% at 135.75 or we will buy 100% upon a break above 140.74

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

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

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