empty
 
 
06.08.2019 06:49 AM
Elliott wave analysis of GBP/JPY for August 6 - 2019

This image is no longer relevant

GBP/JPY fell to a low of 128.39 just sky of our ideal target at 127.93. The following rally of the 128.39 low looks solid. However, firstly, it needs to break clearly above minor resistance at 130.23 to indicate a long-term low.

This also means, that as long as minor resistance at 130.23 is able to cap the upside, we still could see a second attempt to reach our ideal target at 127.93 before the long-term low is in place.

R3: 131.65

R2: 130.95

R1: 130.23

Pivot: 129.88

S1: 129.25

S2: 128.87

S3: 128.49

Trading recommendation:

We will buy GBP at 128.05 or upon a break above 130.23

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