Main Quotes Calendar Forum
flag

FX.co ★ Elliott wave analysis of GBP/JPY for February 19, 2021

parent
Forex Analysis:::19 February 2021 at 6:44AM (UTC+0)

Elliott wave analysis of GBP/JPY for February 19, 2021

Elliott wave analysis of GBP/JPY for February 19, 2021

There was no time for the expected correction in blue wave iv/ to correct in a simple manner, but we think a more complex correction is unfolding in blue wave iv/ and expect resistance near 147.97 to be able to cap the upside for a deeper correction closer to 145.28 before blue wave v/ is ready to take over for a rally towards resistance in the 155.55 - 156.61 area.

A break below minor support at 146.41 will indicate that the final dip closer to 145.28 is in motion.

R3: 148.87

R2: 148.23

R1: 147.91

Pivot: 147.28

S1: 146.66

S2: 146.36

S3: 145.95

Trading recommendation:

We are long 50% GBP from 142.27 and we will raise our stop to 146.40

Analyst InstaForex
Share this article:
parent
loader...
all-was_read__icon
You have watched all the best publications
presently.
We are already looking for something interesting for you...
all-was_read__star
Recently published:
loader...
More recent publications...