empty
 
 
You are about to leave
www.instaforex.eu >
a website operated by
INSTANT TRADING EU LTD
Open Account

07.01.202008:03 Forex Analysis & Reviews: Elliott wave analysis of GBP/JPY for January 7, 2020

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 07.01.2020 analysis

GBP/JPY has extended the correction from 140.81 a bit higher, than first expected, but it does not alter our view, that more downside pressure towards support in the 137.31/137.57 should be seen before the correction in wave iv is complete and the final rally to above 147.85 should take hold.

Short-term a break below minor support at 142.53 will indicate that the correction has come to an end and the next part of the expected decline into the support zone between 137.31/137.51 is developing.

R3: 143.92

R2: 143.49

R1: 142.95

Pivot: 142.53

S1: 142.16

S2: 141.59

S3: 141.15

Trading recommendation:

We sold GBP at 142.50 and have placed our stop at 143.50.

Torben Melsted
Analytical expert of InstaForex
© 2007-2024

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.




You are now leaving www.instaforex.eu, a website operated by INSTANT TRADING EU LTD
Can't speak right now?
Ask your question in the chat.

Turn "Do Not Track" off