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17.06.2019 06:43 AM
Elliott wave analysis of GBP/JPY for June 17, 2019

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GBP/JPY has made a new corrective low for the decline from 148.87. This calls for even more downside pressure towards 134.52 before wave 2 is expected to complete. Only an unexpected rally past minor resistance at 137.77 will indicate that wave 2 has completed already and that wave 3 has taken over for a new impulsive rally, that ultimately will break back above the 148.87 peak.

R3: 138.24

R2: 137.77

R1: 137.43

Pivot: 136.94

S1: 136.38

S2: 135.85

S3: 135.45

Trading recommendation:

Our stop at 136.90 was hit for a 60 pip loss. We will only buy GBP at 134.65 or upon a break above 137.77

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