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17.01.201907:55 Forex Analysis & Reviews: Elliott wave analysis of GBP/JPY for January 17, 2019

Long-term review

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Ms. May's won the no confidence vote (no surprise), but it remains unclear whether wave ii completed already with the dip to 137.37 and wave iii is developing towards 151.50 or a more complex wave ii correction is developing. A clear break above the resistance-area between 140.43 – 140.88 will confirm that wave iii is developing. However, while this resistance-area is able to cap the upside, we must accept the possibility of a more complex correction as the most likely outcome for a second decline towards 135.07 to complete wave ii.

R3: 141.19

R2: 140.88

R1: 1.4043

Pivot: 140.03

S1: 139.73

S2: 138.96

S3: 138.53

Trading recommendation:

We will buy GBP at 135.20 or upon a break above 140.90. (If you already bought GBP at 140.43, then sell now or at the latest upon a break below 139.65 and be ready to re-buy GBP again).

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