Elliott wave analysis of GBP/JPY for January 7, 2020

GBP/JPY has extended the correction from 140.81 a bit higher, than first expected, but it does not alter our view, that more downside pressure towards support in the 137.31/137.57 should be seen before the correction in wave iv is complete and the final rally to above 147.85 should take hold.

Short-term a break below minor support at 142.53 will indicate that the correction has come to an end and the next part of the expected decline into the support zone between 137.31/137.51 is developing.

R3: 143.92

R2: 143.49

R1: 142.95

Pivot: 142.53

S1: 142.16

S2: 141.59

S3: 141.15

Trading recommendation:

We sold GBP at 142.50 and have placed our stop at 143.50.

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

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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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