For Traders

Analytical Reviews

Wave analysis

22.01.201907:55 Forex Analysis & Reviews: Elliott wave analysis of GBP/JPY for January 22, 2019

Long-term review

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.

With the US market closed in observance of Martin Luther King Day, we saw a very quiet trading day yesterday. We still favor minor support at 140.71 is able to protect the downside for a break above more important resistance at 141.78 that will confirm a continuation higher to 143.81 and 145.17 on the way higher to 151.30.

A break below 140.71 will be a bit disappointing, but only a break below key support at 139.43 will force a recount of the rally from 130.70.

R3: 143.81

R2; 142.71

R1: 142.00

Pivot: 141.54

S1: 140.92

S2: 140.71

S3: 140.25

Trading recommendation:

We are long GBP from 140.90 with our stop placed at 139.40

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.