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15.11.2019 08:13 AM
Elliott wave analysis of GBP/JPY for November 15, 2019

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The triangle consolidation in red wave iv looks complete and with red wave e done, we are now looking for a break above minor resistance at 140.59 for a continuation towards 144.58 and longer term much higher.

Support at 139.34 should continue to protect the downside for the expected break above 140.59.

R3: 141.37

R2: 140.59

R1: 140.22

Pivot: 139.88

S1: 139.34

S2: 139.07

S3: 138.59

Trading recommendation:

We are long GBP from 140.12 with our stop placed at 138.75. If you are not long GBP yet, then buy a break above 140.26 and place you stop at 139.25

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