Elliott wave analysis of GBP/JPY for Sept 23, 2019


GBP/JPY has finally begun its decent towards 130.78. We should expect support at 133.81. The pair is likely to try to reject the attempt to break lower but ultimately it should give away for a decline to 133.12 and then lower towards the ideal downside target at 130.78.

At this point, only an unexpected break back above 135.38 will indicate that a sub-normal correction has been seen and a new rally higher to 137.77 is developing.

R3: 135.14

R2: 134.94

R1: 134.80

Pivot: 134.57

S1: 134.33

S2: 134.06

S3: 133.81

Trading recommendation:

We are looking for a buying opportunity near 131.15

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

Source:: Elliott wave analysis of GBP/JPY for September 23 – 2019

Won't your trader friends like this?
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