Elliott wave analysis of GBP/JPY for June - 2019

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With the break back below important short-term support at 135.91 GBP/JPY can go both ways. The downside is vulnerable again and a final dip closer to 134.50 cannot be ruled out to complete wave 2.

Only a direct break back above minor resistance at 137.13 will confirm that wave 2 already has completed and wave 3 is developing, for a rally towards 141.14 as the first solid hurdle on the way higher.

R3: 137.13

R2: 136.83

R1: 136.54

Pivot: 136.19

S1: 135.75

S2: 135.39

S3: 134.97

Trading recommendation:

Our stop at 135.86 was hit and we will only buy GBP at 134.65 or upon a break above 137.13

The material has been provided by InstaForex Company - www.instaforex.com