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Expert In



Elliott wave analysis of GBP/JPY for April 29, 2019


After dipping to a low of 143.82, GBP/JPY seems to be ready to move higher again. In order to confirm that the wave 2 has completed and the wave 3 is developing, a breakout above minor resistance at 144.74 and, more importantly, a breakout above resistance at 145.05 are needed.

Support is now seen at 143.98 which will be able to protect the downside for a firm test of 144.74.

R3: 145.45

R2: 145.05

R1: 144.74

Pivot: 144.40

S1: 143.98

S2: 143.82

S3: 143.69

Trading recommendation:

We bought GBP at 144.00 and we placed our stop loss order at 143.50

The material has been provided by InstaForex Company -