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05.02.202007:48 Forex Analysis & Reviews: Elliott wave analysis of GBP/JPY for February 5 - 2020

Exchange Rates 05.02.2020 analysis

The rally from 140.94 has been stronger than expected. However, the pair remains below the short-term resistance at 143.30. As long as this resistance is able to cap the upside, we should see renewed downside pressure towards 140.94 and closer to 139.24 and 137.86.

Once this zig-zag correction is completed, a new impulsive rally in wave v to 147.95 may occur.

R3: 143.30

R2: 142.88

R1: 142.60

Pivot: 142.29

S1: 142.07

S2: 141.69

S3: 141.24

Trading recommendation:

We are short GBP from 143.95 with our stop placed at 143.35

*A análise de mercado aqui postada destina-se a aumentar o seu conhecimento, mas não dar instruções para fazer uma negociação.

Torben Melsted,
Analytical expert of InstaSpot
© 2007-2024
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