Elliott wave analysis of GBP/JPY for December 3 – 2019

GBP/JPY dipped a bit lower than the expected support-zone between 141.09 – 141.33. The low has been seen at 140.87. Despite the deeper correction, nothing has changed and a new attack on the resistance at 141.69 is expected shortly for a continuation higher towards 143.19 and 144.58 as the next upside targets.

Support at 140.87 is likely to protect the downside for a more serious test of 141.69.

R3: 142.14

R2: 141.69

R1: 141.58

Pivot: 141.33

S1: 141.13

S2: 140.89

S3: 140.61

Trading recommendation:

We are long GBP from 140.12 with our stop placed at 139.85

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

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MOKAR

Author: MOKAR

Mula berdagang dalam pasaran forex sejak tahun 2003. Manakala pasaran bursa saham tempatan dan global pada tahun 2018. Menjadikan trading online sebagai kerjaya sepenuh masa pada tahun 2019. Kerjaya sebelum ini adalah seorang salesman kereta. Berpengalaman dengan pelbagai teknik dan perguruan tetapi akhirnya sangat serasi dengan teknik FMCBR @ Fibo Musang melalui guruku Cikgu Baha & Cikgu Zul.

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