empty
 
 
27.05.2020 07:20 AM
Elliott wave analysis of GBP/JPY for May 27, 2020

This image is no longer relevant

GBP/JPY tested the key-resistance at 133.19 but failed to break above in the first attempt, but after a minor correction a second and more successful attempt should be seen. A break above key-resistance at 133.19 will shift the currently alternate count to the preferred count and this outcome looks possible.

In the short-term, support is seen at 131.97 and ideally this support will be able to protect the downside for the next attack on key-resistance at 133.19. A break above here will call for a continuation higher to 135.38 on the way back to 145.95.

R3: 133.59

R2: 133.19

R1: 132.40

Pivot: 131.97

S1: 131.56

S2: 131.20

S3: 130.65

Trading recommendation:

We bought GBP at 131.95 and has placed our stop at 130.65

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 $8000 more!
    In March we raffle $8000 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