For Traders

Analytical Reviews

Wave analysis

14.02.202007:48 Forex Analysis & Reviews: Elliott wave analysis of GBP/JPY for February 14, 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.

GBP/JPY only staged a minor dip to 142.12 before starting a new rally above 142.75 towards important resistance at 143.38. Once this resistance breaks, there is no more doubt that wave iv completed prematurely at 140.80 and wave v higher towards at least 149.11 is in progress.

Support is now seen at 142.75 and again at 142.42. Ideally the later will protect the downside or a new dip to 142.12 should be expected before a new attack on important resistance at 143.38 is launched.

R3: 144.12

R2: 143.67

R1: 143.38

Pivot: 143.12

S1: 142.87

S2: 142.51

S3: 142.12

Trading recommendation:

We bought GBP at 142.76 and have placed our stop at 141.20 but expects to raise it soon

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.