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17.02.2020 07:47 AM
Elliott wave analysis of GBP/JPY for February 17, 2020

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A clear break above 143.38 will be the final nail in the coffin and confirm that a premature low was seen at 140.80 in wave iv and wave v towards 149.11 is developing. Short-term support is seen at 142.98 with strong support seen at 142.75. We expect the former resistance now acting as support will be able to protect the downside for a clear break above 143.38 confirming the expected rally towards 149.11 in wave v.

R3: 144.61

R2: 144.35

R1: 144.12

Pivot: 143.38

S1: 143.09

S2: 142.87

S3: 142.75.

Trading recommendation:

We are long GBP from 142.76 and we have our stop at 141.20 but expects to be able to move it higher soon.

Torben Melsted,
Analytical expert of InstaForex
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