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22.11.201908:17 Forex Analysis & Reviews: Elliott wave analysis of GBP/JPY for November 22, 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 22.11.2019 analysis

GBP/JPY tried to break above short-term important resistance at 140.94 and failed. We expect minor support at 139.95 will be able to protect the downside for another attempt to break above short-term key-resistance at 140.94 for upside acceleration towards 144.58.

On the way higher towards 144.58 resistance will be found at 141.58 and 143.19.

R3: 141.58

R2: 140.94

R1: 140.54

Pivot: 140.37

S1: 140.15

S2: 139.95

S3: 139.65

Trading recommendation:

We are long GBP from 140.12 with our stop placed at 139.30. If you are not long GBP yet, then buy a break above 140.94 and place you stop at 139.85

Torben Melsted
Analytical expert of InstaForex
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