Elliott wave analysis of GBP/JPY for April 15, 2021

GBP/JPY remains in a correction, that ideally will move closer to support at 147.40 to complete red wave iv/ and set the stage for a new impulsive rally through resistance at 151.09 towards the long-term resistance near 156.61 and a clear break above here, will trigger a 5 year double bottom pattern, but for now lets focus on the ongoing correction towards 147.40 before higher again.

Trading recommendation:

Buy GBP near 140.40 or upon a break above minor resistance at 151.09 for the next impulsive rally higher towards 156.61

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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