empty
 
 
05.03.2021 08:58 AM
Elliott wave analysis of GBP/JPY for March 5, 2021

This image is no longer relevant

GBP/JPY is continuing higher and has broken above the former peak at 150.44 indicating more upside pressure towards the next major target seen at 156.60. On the way higher resistance will be seen near 152.53 and 153.84.

We expect the blue wave i - v series to complete near 152.53 and set the stage for a corrective decline towards 150.44 and maybe slightly below, but again this is just a temporary corrective set-back before more upside pressure should be expected towards 153.84 and 156.60.

R3: 151.64

R2: 150.97

R1: 150.59

Pivot: 150.44

S1: 149.91

S2: 149.52

S3: 149.29

Trading recommendation:

We are long GBP from 149.25 and we will move our stop higher to 148.80.

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