empty
 
 
23.07.2019 06:39 AM
Elliott wave analysis of GBP/JPY for July 23 - 2019

This image is no longer relevant

A dip to 134.35 is most likely to take place. GBP/JPY may break higher through minor resistance at 135.02 for a more firm test of short-term important resistance at 136.02. This resistance needs to be broken to confirm a long-term bottom is in place with the test of 133.90.

Short-term support is seen in the 134.27 - 134.35 area and is expected to protect the downside for a break above 135.02. Thus, only an unexpected break below 133.90 will confirm that wave 2 is still developing but the potential downside is likely to be very limited.

R3: 136.28

R2: 136.02

R1: 135.28

Pivot: 135.02

S1: 134.77

S2: 134.57

S3: 134.35

Trading recommendation:

We are long GBP from 134.85

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 $5000 more!
    In November we raffle $5000 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