19.09.201906:14 Forex Analysis & Reviews: Elliott wave analysis of GBP/JPY for September 19, 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.

GBP/JPY still needs to break below minor support at 133.85 to confirm that red wave c of red wave ii is developing towards the ideal target 130.78. As long as minor support at 133.85 is able to protect the downside a minor new high above 135.66 is possible, but the loss of upside momentum, makes this outcome more and more unlikely.

That said, we need to take into account, the possibility that GBP/JPY trades sideways for a couple of days within the 133.85 - 135.66 and the take off again towards 137.40 and above. As GBP/JPY has displayed more strength than first anticipated, this is an option we can not disregard.

R3: 135.66

R2: 135.10

R1: 134.89

Pivot: 134.42

S1: 133.85

S2: 133.33

S3: 132.72

Trading recommendation:

We are looking for a possible buying opportunity near 131.15

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.