Elliott wave analysis of GBP/JPY for September 16, 2020

GBP/JPY is building a base for the next impulsive rally higher. We continue to look for a break above minor resistance at 136.60 that confirms red wave iv/ has completed and red wave v/ has taken over for an impulsive rally to and above the former 142.72 peak.

Short-term support at 135.50 should be able to protect the downside for the expected break above minor resistance at 136.60.

R3: 137.10

R2: 136.60

R1: 136.06

Pivot: 135.90

S1: 135.75

S2: 135.50

S3: 135.25

Trading recommendation:

We are long GBP from 135.55 with our stop placed at 135.00

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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