Elliott wave analysis of GBP/JPY for January 15 – 2020

Key resistance at 143.50 continues to cap the upside as expected but we need a break below short-term key support at 142.34 to release the next real downside pressure towards 139.25 on the way towards the target at 137.53.

Only an unexpected break above key resistance at 143.50 will indicate that a corrective low is developing and the next impulsive swing higher towards at least 149.00 is likely to happen.

R3: 143.77

R2: 143.50

S1: 143.28

Pivot: 142.90

S1: 142.56

S2: 142.34

S3: 142.15

Trading recommendation:

We are short GBP from 143.05 with our stop paced at 143.50. We will buy GBP if 143.60 is broken.

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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