empty
 
 
16.04.2020 07:59 AM
Elliott wave analysis of GBP/JPY for April 16, 2020

This image is no longer relevant

GBP/JPY has turned lower from resistance at 135.40 and all that's needed to confirm wave iv/ has completed and the final decline in wave v/ is in motion is a break below support at 133.69. As long as short-term key support at 133.69 is able to protect the downside, there remains a possibility that GBP/JPY will surpass resistance at 135.40 for a continuation towards 137.15, but at this point in time, we regard this option a very low possibility option and will be looking for a break below 133.69 for a new impulsive decline in wave v/ to below 123.99.

R3: 136.36

R2: 135.40

S1: 135.02

Pivot: 133.69

S1: 132.97

S2: 132.41

S3: 131.41

Trading recommendation:

We sold GBP at 134.35 and we have placed our stop at 135.50

Summary
Urgency
Analytic
Torben Melsted
Start trade
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 $10000 more!
    In January we raffle $10000 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
  • 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