For Traders

Analytical Reviews

Wave analysis

12.08.202006:41 Forex Analysis & Reviews: Elliott wave analysis of GBP/JPY for August 12, 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 should soon test the ideal target for blue wave iii at 140.35 from where a minor correction/consolidation closer to 139.10 and maby even closer to 137.92 is expected. Short-term minor support at 138.62 should be able to protect the downside for the expected pop to 140.35 to complete blue wave iii and set the stage for a correction in blue wave iv.

R3: 140.35

R2: 140.00

R1: 139.50

Pivot: 139.08

S1: 138.62

S2: 138.22

S3: 137.27

Trading recommendation:

We are long GBP from 135.43 and we have raised our stop to 137.70 and we will take profit on 50% of our long position at 140.25.

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.