empty
 
 
13.02.2019 08:07 AM
Elliott wave analysis of GBP/JPY for February 13, 2019

This image is no longer relevant

GBP/JPY has now broken above minor resistance at 142.63 confirming that wave iv/ completed with the test of 141.12 and wave v/ higher to 151.50 now is developing.

The first hurdle to look for is seen at 144.18, but a clear break above here will just add to our preferred count that wave v/ is unfolding and headed higher towards the 161.8% extension target for wave iii at 151.50.

Support is now seen at the former resistance at 142.63, which ideally will protect the downside for the rally to and above 144.18.

R: 144.84

R2: 144.18

R1: 143.13

Pivot: 142.63

S1: 142.33

S2: 141.85

S3: 141.12

Trading recommendation:

We bought GBP at 142.65 and we have placed our stop at 141.65

Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $1000 more!
    In April we raffle $1000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback