11.04.201917:02 Forex Analysis & Reviews: Elliott wave analysis of GBP/JPY for April 11, 2019

Long-term review

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

The extension of the Brexit deal to October 30 has given GBP a lift. We were looking for renewed GBP strength, but this extension should give GBP/JPY an extra push towards the upside.

We are looking for a clear break above minor resistance at 146.05 to confirm a corrective low is in place near 144.90 and renewed upside strength should push GBP/JPY towards 147.00 and 148.50 near term.

Support remains seen in the 144.90 -145.10 area.

R3: 147.00

R2: 146.50

R1: 146.00

Pivot: 145.55

S1: 145.00

S2: 144.62

S3: 144.15

Trading recommendation:

We are long GBP from 146.51 with our stop placed at 144.80

Back to the list

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.