Elliott wave analysis of GBP/JPY for Oct 16, 2019

Posted On 16 Oct 2019

GBP/JPY has rallied as we expected and has tested our 139.15 target (the high has been seen at 139.32). Some minor drops may occur. However, another run higher towards 140.06 and maybe even closer to 142.91 (less likely thus) is expected before a minor peak and correction close to 135.67 looks likely.

In the short-term, we see support near 138.00 for the expected rally higher to 140.06. Only a direct break below 137.03 will indicate that the correction to 135.67 is already unfolding.

R3: 141.72

R2: 140.76

R3: 139.81

Pivot: 139.32

S1: 137.96

S2: 137.05

S3: 136.42

Trading recommendation:

We are waiting for GBP from 131.25 and we will move our stop higher to 135.25

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

Source:: Elliott wave analysis of GBP/JPY for October 16 – 2019

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