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22.01.2019 07:55 AM
Elliott wave analysis of GBP/JPY for January 22, 2019

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With the US market closed in observance of Martin Luther King Day, we saw a very quiet trading day yesterday. We still favor minor support at 140.71 is able to protect the downside for a break above more important resistance at 141.78 that will confirm a continuation higher to 143.81 and 145.17 on the way higher to 151.30.

A break below 140.71 will be a bit disappointing, but only a break below key support at 139.43 will force a recount of the rally from 130.70.

R3: 143.81

R2; 142.71

R1: 142.00

Pivot: 141.54

S1: 140.92

S2: 140.71

S3: 140.25

Trading recommendation:

We are long GBP from 140.90 with our stop placed at 139.40

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