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13.03.201908:35 Forex Analysis & Reviews: Elliott wave analysis of GBP/JPY for March 13, 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.

Exchange Rates 13.03.2019 analysis

The Brexit mish-mash once again had a short-term impact on the Market. Uncertainty is never a good thing except for volatility trades.

GBP/JPY should continue to trade above key support at 143.72 for a rally back to and above resistance at 147.79 for a continuation towards the channel resistance-line near 150.30.

Only an unexpected break below key support at 143.72 will invalidate our bullish outlook and shift our preferred count.

R3: 147.79

R2: 146.89

R1: 146.31

Pivot: 145.58

S1: 145.17

S2: 144.55

S3: 143.72

Trading recommendation:

We are long GBP from 144.80 and we have placed our stop+revers at 143.65.

Torben Melsted
Analytical expert of InstaForex
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