Elliott wave analysis of GBP/JPY for January 22, 2019
January 22, 2019 8:22 am
With the US market closed in observance of Martin Luther King Day, we saw a very quiet trading day yesterday. We still favor minor support at 140.71 is able to protect the downside for a break above more important resistance at 141.78 that will confirm a continuation higher to 143.81 and 145.17 on the way higher to 151.30.
A break below 140.71 will be a bit disappointing, but only a break below key support at 139.43 will force a recount of the rally from 130.70.
R3: 143.81
R2; 142.71
R1: 142.00
Pivot: 141.54
S1: 140.92
S2: 140.71
S3: 140.25
Trading recommendation:
We are long GBP from 140.90 with our stop placed at 139.40
The material has been provided by InstaForex Company – www.instaforex.com
With the US market closed in observance of Martin Luther King Day, we saw a very quiet trading day yesterday. We still favor minor support at 140.71 is able to protect the downside for a break above more important resistance at 141.78 that will confirm a continuation higher to 143.81 and 145.17 on the way higher to 151.30.
A break below 140.71 will be a bit disappointing, but only a break below key support at 139.43 will force a recount of the rally from 130.70.
R3: 143.81
R2; 142.71
R1: 142.00
Pivot: 141.54
S1: 140.92
S2: 140.71
S3: 140.25
Trading recommendation:
We are long GBP from 140.90 with our stop placed at 139.40
The material has been provided by InstaForex Company – www.instaforex.com
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