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Elliott wave analysis of GBP/JPY for October 18 - 2019

analytics5da943b0ad2f6.png

GBP/JPY is likely to see a short-term peak at 141.50 and a correction towards strong support near 135.67. Over the last couple of days, we have seen a clear loss of upside momentum and yesterday long unfavorable candle ending the day near the open (a shooting star) also indicating a short-term peak being in place and a dip towards strong support near 135.67 looks possible as Boris Johnson returns to the UK to fight for his Brexit deal with the EU.

R3: 142.26

R2: 141.50

R1: 140.08

Pivot: 138.64

S1: 137.84

S2: 137.21

S3: 136.46

Trading recommendation:

We will take profit here at 139.40 and enjoy a nice 815 pips profit of our long position from 131.25. We will look for a new buying opportunity near 135.75

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