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16.07.201906:47 Forex Analysis & Reviews: Elliott wave analysis of GBP/JPY for July 16 - 2019

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.

Exchange Rates 16.07.2019 analysis

GBP/JPY has made a new low for the corrective decline from 148.87. The ideal target for the ongoing correction in wave 2 is seen at 134.50 which we expect will be tested shortly. Once this target has been tested or on a break above minor resistance at 135.50, a new impulsive rally in wave 3 is expected.

A break above minor resistance at 135.50 will be the first strong indication that wave 2 has completed and wave 3 is moving higher, while a break above resistance at 136.03 will confirm that wave 3 is unfolding.

R3: 136.03

R2: 135.80

R1: 135.50

Pivot: 135.25

S1: 134.92

S2: 134.75

S3: 134.50

Trading recommendation:

Our stop at 135.00 was hit. We will re-buy GBP at 134.75 or upon a break above 135.50.

Torben Melsted
Analytical expert of InstaForex
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