Elliott wave analysis of GBP/JPY for February 11, 2020

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GBP/JPY is still trading lower towards 140.80 and 139.24 as the next targets as long as short-term key resistance at 142.38 is able to cap the upside. An unexpected break above key resistance at 142.38 will indicate a premature bottom has been found for wave iv and wave v higher already is in motion for an ultimate break above the peak of wave iii at 147.94.

Our preferred count calls for a a break below minor support at 141.29 to add downside pressure towards 140.80 and 139.24.

R3: 142.38

R2: 142.11

R1: 141.96

Pivot: 141.86

S1: 141.68

S2: 141.50

S3: 141.29

Trading recommendation:

We are short GBP from 142.80 with our stop+revers at 142.50.

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