30.04.202006:36 Forex Analysis & Reviews: Elliott wave analysis of GBP/JPY for April 30 - 2020

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

GBP/JPY finally started its next impulsive decline which we expect to dip below 123.99. That said, we still need that break with short-term key-support at 131.88. Until this support breaks the possibility of a re-test of 133.68 remains.

We do prefer the bearish option and expect minor resistance at 133.04 to keep the correction from 131.88 at bay and soon set the stage for a new test of key-support at 131.88. A break below here will confirm that the next impulsive decline is in motion to 123.99.

R3: 134.09

R2: 133.68

R1: 133.04

Pivot: 132.55

S1: 131.88

S2: 131.34

S3: 130.63

Trading recommendation:

We sold GBP at 134.35 and have a stop at 135.00. Upon a break below 131.88 we will lower our stop to 134.00

Back to the list

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.