empty
 
 
10.09.2020 06:44 AM
Elliott wave analysis of GBP/JPY for September 10, 2020

This image is no longer relevant

GBP/JPY made a second and deeper decline to the low of 136.71 before taking off as expected. The break above minor resistance at 137.83 was the first good indication that red wave iv/ has completed, while a break above resistance at 138.39 will confirm the corrective low and the on-set of a new impulsive rally.

Resistance at 138.39 has only been tested, but we feel comfortable that this resistance will be broken on the next attempt and a rally higher to the next solid resistance at 140.10 is in the cards.

R3: 139.44

R2: 138.90

R1: 138.39

Pivot: 138.17

S1: 137.78

S2: 137.43

S3: 137.13

Trading recommendation:

We bought GBP at 137.45 and we will raise our stop to 136.65

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 $9000 more!
    In May we raffle $9000 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