Elliott wave analysis of GBP/JPY for January 23 – 2020

GBP/JPY has broken resistance at 144.53 (the high has been seen at 144.61) which has forced us to review our counts. We don’t think the sideways price-action from 141.14 is the start of a new impulsive rally but rather an expanded flat wave b and more downside pressure should be expected in wave c towards the target-zone between 139.29 – 139.83 and maybe even closer to equality with a wave a which would take wave c lower to 137.86.

To confirm the wave b is complete, we need a break below 142.77 but a break below minor support at 143.70 will be a strong indication that wave b has completed and wave c lower to at least 139.83 is unfolding.

R3: 144.61

R2: 144.15

R1: 143.95

Pivot: 143.70

S1: 143.38

S2: 142.77

S3: 142.355

Trading recommendation:

Our stop at 144.60 was hit for a 95 pip loss. We will re-sell GBP at 143.95 or upon a break below 143.70 with our stop placed at 144.65

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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