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

GBP/JPY broke below minor support at 151.25 Friday indicating that blue wave v/ and blue wave iii had peaked and blue wave iv is in motion. We will be looking for a corrective decline to at least 150.72, but it could extend lower towards the bottom of blue wave iv/ at 147.54, but for now look for at dip to 150.72 and let’s see what the charts show at that point.

Resistance is now seen at 152.36 and the at 152.54.

R3: 152.75

R2: 152.54

R1: 152.14

Pivot: 151.82

S1: 151.68

S2: 151.34

S3: 151.00

Trading recommendation:

Our stop at 151.25 was hit for a nice 200 pip profit. We will look for a new buying opportunity

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

Rate this post
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.

Leave a Reply

Your email address will not be published. Required fields are marked *