empty
 
 
03.05.2019 06:42 AM
Elliott wave analysis of GBP/JPY for May 3, 2019

This image is no longer relevant

The important resistance near 146.00 capped the upside for a dip close to support at 144.95. As long as this support is able to protect the downside, we will keep our focus on the upside and a possible break above the resistance at 145.88 confirming more moves towards 147.50 on the way higher to 151.50.

That said, we have to be aware that the failure to break above the resistance near 146.00 keeps the alternate count valid and a break below the support at 144.95 will tip the load and shift the current alternate count to be the favored count.

Under this count, renewed downside pressure will be seen for a break below 143.74 and a dip to 141.05 to complete wave 2.

R3: 145.88

R2: 145.60

R1: 145.40

Pivot: 144.95

S1: 144.72

S2: 144.02

S3: 143.74

Trading recommendation:

We remain long 50% from 144.00 with our stop placed at 144.85. We will also sell 50% the normal position at 144.85 if the price reaches it.

Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $5000 more!
    In November we raffle $5000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback