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Elliott wave analysis of GBP/JPY for May 24, 2019

analytics5ce7764a6110a.png

GBP/JPY continues to move closer to the 61.8% corrective target at 137.53 which is expected to make a low for the wave 2 and set the stage for the next impulsive rally in the wave 3 to above the peak of March 14 at 148.87.

At this point, a direct breakout above minor resistance at 140.00 and, more importantly, a breakout above 141.74 will confirm that the wave 2 has completed and the wave 3 is developing.

R3: 140.44

R2: 140.00

R1: 139.29

Pivot: 138.92

S1: 138.52

S2: 138.00

S3: 137.52

Trading recommendation:

We will buy GBP at 137.75 or upon a breakout above 140.00.

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