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Elliott wave analysis of GBP/JPY for June 21 - 2019

analytics5d0c5ff37b82e.png

Resistance near 136.94 was tested again an once more repelled prices lower. We continue to look for a final dip closer to 134.52 to complete wave 2 and set the stage for a new impulsive rally in wave 3. This rally will ultimately break above the 148.87 peak.

We can note downside momentum weakening and expect the low of wave 2 will be found soon.

R3: 137.35

R2: 136.94

R1: 136.56

Pivot: 136.08

S1: 135.85

S2: 135.35

S3: 135.00

Trading recommendation:

We will buy GBP at 134.65 or upon a clear break above 136.94

The material has been provided by InstaForex Company - www.instaforex.com