For Traders

Analytical Reviews

Wave analysis

12.03.202109:07 Forex Analysis & Reviews: Elliott wave analysis of GBP/JPY for March 12, 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.

GBP/JPY has almost hit our extension target at 152.54 (the high has been seen at 152.14). As long as minor support at 151.34 is able to protect the downside we will continue to look for slightly more upside closer to our ideal 152.54 target. This should complete blue wave v/ and iii and set the stage for a temporary correction towards 150.70 before the next upside pressure is expected towards 153.63 and 156.61 as the next upside targets.

R3: 152.75

R2: 152.54

R1: 152.14

Pivot: 151.82

S1: 151.68

S2: 151.34

S3: 151.00

Trading recommendation:

We are long GBP from 149.25 and we will move our stop higher to 151.25 and keep our stop-profit at 152.25

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.