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Exchange Rates 07.01.2020 analysis

GBP/JPY has extended the correction from 140.81 a bit higher, than first expected, but it does not alter our view, that more downside pressure towards support in the 137.31/137.57 should be seen before the correction in wave iv is complete and the final rally to above 147.85 should take hold.

Short-term a break below minor support at 142.53 will indicate that the correction has come to an end and the next part of the expected decline into the support zone between 137.31/137.51 is developing.

R3: 143.92

R2: 143.49

R1: 142.95

Pivot: 142.53

S1: 142.16

S2: 141.59

S3: 141.15

Trading recommendation:

We sold GBP at 142.50 and have placed our stop at 143.50.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Performed by Torben Melsted,
Analytical expert
InstaForex Group © 2007-2020
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