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03.05.202107:46 Forex Analysis & Reviews: Elliott wave analysis of GBP/JPY for May 3, 2021

Exchange Rates 03.05.2021 analysis

We continue to look for more side towards at least 155.46 and possibly even higher to 159.75. That said, we do see a possibility of a larger triangle unfolding. In this case, we should see a move a little lower to 149.67 to complete red wave iv/ and set the stage for the next impulsive rally in red wave v/ towards at least 159.75.

A direct break above minor resistance at 152.41 will diminish the possibility of a triangle developing and a call for a rally directly to 155.46 and possibly even closer to 159.75.

Trading recommendation:

Buy near 149.67 if seen or buy a break above 152.41 for a rally to at least 155.46 and possibly higher.

*这里的市场分析是为了增加您对市场的了解,而不是给出交易的指示。

Torben Melsted,
Analytical expert of InstaSpot
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