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07.10.201907:24 Forex Analysis & Reviews: Elliott wave analysis of GBP/JPY for October 7 - 2019

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 07.10.2019 analysis

GBP/JPY is expected to reach our target at 130.78 before turning higher but we are starting to see a real loss of downside momentum. The low ,for now, has been 131.20 and a final dip closer to our ideal target remains a possibility as long as minor resistance at 132.05 is able to cap the upside.

A break above resistance at 132.05 will be the first warning that a bottom already could be in place and red wave iii higher to 139.15 is developing. A break above 132.55 will confirm that the low and the new impulsive rally are unfolding.

R3: 133.36

R2: 132.85

R1: 132.55

Pivot: 132.05

S1: 131.47

S2: 131.20

S3: 130.78

Trading recommendation:

We bought GBP at 131.25 and we have placed our stop at 130.25

Torben Melsted
Analytical expert of InstaForex
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