For Traders

Analytical Reviews

Wave analysis

29.09.202006:55 Forex Analysis & Reviews: Elliott wave analysis of GBP/JPY for September 29 , 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 gained upside momentum and rallied higher to test key-resistance at 136.52. This resistance will likely be able to cap the upside temporary for a corrective set-back to 135.36 before the next push higher towards 138.31. In the long term, we are looking for a rally in wave iii/ to above the former peak at 142.02.

Support is now seen at 135.52 and then at 134.63, which ideally will protect the downside for renewed upside pressure.

R3: 137.15

R2: 136.52

R1: 135.80

Pivot: 135.36

S1: 134.90

S2: 134.63

S3: 134.32

Trading recommendation:

We are long GBP from 133.51 and we will move our stop higher to 133.80

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.