empty
 
 
03.01.2020 08:23 AM
Elliott wave analysis of GBP/JPY for December 3, 2020

This image is no longer relevant

The break back below short-term key support at 142.41 confirmed that wave b completed already with the test of 144.36 and wave c lower now is unfolding for a decline to to the 137.31 - 137.57 area to complete wave iv or at least the first part of a more complex correction in wave iv.

Short-term resistance is seen at 142.22 and again at 142.78 which is expected to cap the upside for more downside pressure towards the 137.31 - 137.57 target-area.

R3: 143.00

R2: 142.78

R1: 142.22

Pivot: 141.97

S1: 141.61

S2: 141.14

S3: 141.85

Trading recommendation:

Our stop at 142.35 was hit for a nice little profit of 85 pips and we sold GBP at 142.35 too. We will close this short-trade here at 141.75 for another little profit of 60 pips and be ready to sell GBP at 142.50 if seen.

Summary
Urgency
Analytic
Torben Melsted
Start trade
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $1000 more!
    In June we raffle $1000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback