empty
 
 
23.10.2019 07:09 AM
Elliott wave analysis of GBP/JPY for October 23 - 2019

This image is no longer relevant

The expected correction is now unfolding and we may see a break below minor support at 138.60 soon to confirm more corrective downside progress towards 135.67 from where a new impulsive rally is expected towards 144.98 and higher.

Now we are monitoring the movement of the wave iii that is pushing higher. Corrections during this phase tend to be smaller and often subnormal. So, it is highly possible that these corrections may fail to hit our target.

R3: 141.12

R2: 140.56

R1: 139.98

Pivot: 139.07

S1: 138.60

S2: 137.84

S3: 137.44

Trading recommendation:

We will buy GBP at 135.75 or upon a break above 141.12

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 $6000 more!
    In December we raffle $6000 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