For Traders

Analytical Reviews

Wave analysis

05.06.201907:17 Forex Analysis & Reviews: Elliott wave analysis of GBP/JPY for June 5 - 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.

The GBP/JPY pair has recovered from 136.63. Now it is testing important resistance at 137.48. If this resistance is broken too, then we see wave 2 as complete and wave 3 developing for an ultimate break above the March peak at 148.87.

Support is seen near 136.97 which ideally will protect the downside if wave 2 is complete for a clear break above 137.48. A failure to protect the downside near 136.97 will call for a final dip closer to the 70.7% corrective target at 135.94, but this correction is running out of steam.

R3: 138.36

R2: 137.96

R1: 137.48

Pivot: 137.15

S1: 136.97

S2: 136.53

S3: 136.25

Trading recommendation:

We will buy GBP at 136.15 or upon a break above 137.48

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.