Elliott wave analysis of GBP/JPY for Oct 31, 2019

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GBP/JPY remains stuck in a narrow trading range below short-term important resistance at 140.74. As long as this resistance is able to cap the upside, we continue to look for renewed downside pressure towards at least 137.74 and possibly even closer to 135.67 to complete the correction in blue wave ii.

That said, we also would like to stress that we are right in the middle of the strongest of the impulsive waves and the possibility of a sub-normal correction is high. A break above short-term important resistance at 140.74 will confirm this is the case and renewed strength has reemerged for the next rally higher towards 144.98.

R3: 141.51

R2: 141.12

R3: 140.74

Pivot: 140.21

S1: 139.74

S2: 139.26

S3: 139.07

Trading recommendation:

We will buy 50% EUR 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 October 31 – 2019

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