25.10.201907:18 Pregled Forex analiza: Elliott wave analysis of GBP/JPY for October 25 - 2019

Exchange Rates 25.10.2019 analysis

The correction has turned into a more complex structure. However, we need a break below short-term important support at 138.60 to release more downside force towards our ideal target near 135.67 where a new impulsive rally higher towards 144.98 is expected.

We continue to stress that corrections during the third impulsive wave tend to be sub-normal. A break above minor resistance at 140.74 will indicate that the correction in blue wave ii has been completed and the impulsive rally higher has been revived for an increase to at least 144.98 and in the long-term much higher.

R3: 141.51

R2: 141.12

R1: 140.74

Pivot: 140.21

S1: 139.40

S2: 139.07

S3: 138.60

Trading recommendation:

We continue to look for a buying opportunity near 135.75 or upon a break above 140.74.

*Analiza tržišta koja se ovde nalazi namenjena je boljem razumevanju tržišta i ne pruža instrukcije za vršenje trgovanja.

Torben Melsted,
Analitickog eksperta
InstaForex grupa kompanija © 2007-2020
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