Elliott wave analysis of GBP/JPY for January 10 – 2020

GBP/JPY is likely to fail to regain the 143.46 peak and break back below support at 142.40 for a new decline below 141.10 towards 139.25 and the ideal target near 137.31. Even if GBP/JPY will be able to hit 143.46 again, the potential towards the upside will be limited to 143.73 for renewed downside pressure through support at 142.79 and more importantly below 142.40 for a decline below 141.10.

R3: 144.23

R2: 143.73

R1: 143.46

Pivot: 142.79

S1: 142.40

S2: 141.96

S3: 141.50

Trading Recommendation:

We sold GBP at 143.04 with a 144.25 stop.

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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