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Elliott wave analysis of GBP/JPY for January 16, 2019

analytics5c3eca0268bb3.png

The no vote to Ms. May's EU deal first caused GBP/JPY to spike lower to the minimum corrective target at 137.37 and then to spike strongly higher. We are now left in a dilemma. Is wave ii complete at 137.37 or will a more complex correction take place and take GBP/JPY lower again to the 50% corrective target at 135.07.

The key is resistance at 140.43 as long as this resistance is able to cap the upside, we have to accept the possibility of a more complex wave ii developing.

If, however a break above 140.43 is seen, that will indicate wave iii already being in motion for a rally to 151.50.

The no vote to Brexit will be followed by a no confidence vote to Ms. May, which will be held today enforcing the uncertainty and volatility.

R3: 140.90

R2: 140.43

R1: 140.03

Pivot: 139.63

S1: 138.96

S2: 138.53

S3: 137.85

Trading recommendation:

We will buy GBP at 135.20 or upon a break above 140.43

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