For Traders

Analytical Reviews

Wave analysis

19.01.202110:13 Forex Analysis & Reviews: Elliott wave analysis of GBP/JPY for January 19, 2021

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.

The correction in green wave ii/ held nicely above short-term key support at 140.34. The following rally of the 140.36 low is strong a does look impulsive in nature indicating more upside pressure after a temporary set-back into the 140.81 - 140.96 support-area.

Ultimately we will be looking for a break above the former peak at 142.26 towards 147.96 and likely even closer to 156.23.

Only a break below 140.34 will call for a revision of our bullish outlook.

R3: 142.72

R2: 142.24

R1: 141.58

Pivot: 141.45

S1: 141.11

S2: 140.96

S3: 140.81

Trading recommendation:

We are long GBP from 140.71 and we have moved our stop higher to 140.30.

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.