For Traders

Analytical Reviews

Wave analysis

18.10.201906:51 Forex Analysis & Reviews: Elliott wave analysis of GBP/JPY for October 18 - 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.

GBP/JPY is likely to see a short-term peak at 141.50 and a correction towards strong support near 135.67. Over the last couple of days, we have seen a clear loss of upside momentum and yesterday long unfavorable candle ending the day near the open (a shooting star) also indicating a short-term peak being in place and a dip towards strong support near 135.67 looks possible as Boris Johnson returns to the UK to fight for his Brexit deal with the EU.

R3: 142.26

R2: 141.50

R1: 140.08

Pivot: 138.64

S1: 137.84

S2: 137.21

S3: 136.46

Trading recommendation:

We will take profit here at 139.40 and enjoy a nice 815 pips profit of our long position from 131.25. We will look for a new buying opportunity near 135.75

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.