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21.05.201906:42 Forex Analysis & Reviews: Elliott wave analysis of GBP/JPY for May 21 - 2019

Long-term review
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Exchange Rates 21.05.2019 analysis

We are looking for a break above minor resistance at 140.51 and more importantly a break above resistance at 141.12 to confirm, that wave 2 has completed and wave 3 higher to 151.50 is developing.

Short-term, we seen support at 139.67 and again at 139.53. Ideally support at 139.67 will be able to protect the downside for the expected break above 140.51 confirming that a new impulsive rally is developing.

R3: 142.21

R2: 141.71

R1: 141.12

Pivot: 140.51

S1: 140.15

S2: 139.67

S2: 139.53

Trading recommendation:

We are long GBP at 139.80 with our stop placed at 139.45.

Torben Melsted
Analytical expert of InstaForex
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