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

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The trading range has become even smaller in the last trading day and is now between 139.58 and 140.06, We continue to look for a move closer to at least 137.74 as long as resistance at 140.74 is able to cap the upside.

If, however, resistance at 140.74 is broken, it will open up the upside for a continuation towards 144.98 and longer-term much higher levels.

R3: 141.15

R2: 140.74

R1: 140.35

Pivot: 140.21

S1: 139.74

S2: 139.26

S3: 139.07

Trading recommendation:

WE will buy 50% GBP at 137.85 and 50% at 135.87 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 5 – 2019

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