empty
 
 
29.10.2020 08:30 AM
Elliott wave analysis of GBP/JPY for October 29, 2020

This image is no longer relevant

Risk-off sentiment dominated the financial markets yesterday after many European countries announced new lock-downs in their efforts to curb the coronavirus. EUR weakened amid such news while JPY rose, which clearly was seen in yesterdays price-action. GBP/JPY broke a key support at 136.26 which called for more downside pressure towards 135.37 and 135.18. GBP/JPY did more than that and bottomed at the 61.8% corrective target of wave i/ at 134.86. After bottoming at 134.86, GBP/JPY grew significantly indicating a solid bottom could be in place and wave iii/ finally being in motion. To confirm this is the case, we need a break above resistance at 136.50.

Only a break below support at 135.24 will indicate that wave ii/ still is in motion and a new test of support at 134.86 should be expected, but the potential downside may be limited now.

R3: 136.50

R2: 136.17

R1: 135.92

Pivot: 135.79

S1: 135.61

S2: 135.24

S3: 134.86

Trading recommendation:

We took 50% profit off our short position from 136.20 at 135.45 and we will sell the final 50% here at 135.92 for an average of 135.69. We will re-buy GBP at 135.70 or upon a break above 136.55

Dapatkan keuntungan dari perubahan nilai mata uang kripto dengan InstaForex.
Unduh MetaTrader 4 dan buka perdagangan pertama Anda.
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    GABUNG KONTES
  • Chancy Deposit
    Isi akun Anda sebesar $3000 dan dapatkan $9000 lebih banyak!
    Pada Mei kami mengundi $9000 dalam promo Chancy Deposit!
    Dapatkan kesempatan untuk menang dengan melakukan deposit sebesar $3000 pada akun trading Anda. Setelah memenuhi persyaratan ini, Anda telah menjadi partisipan promo.
    GABUNG KONTES
  • Trade Wise, Win Device
    Top up akun anda dengan dana minimal $500, daftar kontes, dan dapatkan peluang untuk memenangkan perangkat seluler.
    GABUNG KONTES
  • 100% Bonus
    Kesempatan langka untuk mendapatkan bonus 100% pada deposit anda
    DAPATKAN BONUS
  • 55% Bonus
    Ajukan bonus 55% pada setiap deposit anda
    DAPATKAN BONUS
  • 30% Bonus
    Raih bonus 30% setiap kali anda top up
    DAPATKAN BONUS

Artikel yang direkomendasikan

Tidak bisa bicara sekarang?
Tanyakan pertanyaan anda lewat chat.
Widget callback