Elliott wave analysis of GBP/JPY for July 11 - 2019

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GBP/JPY has made a new low at 135.05 and we continue to look for a little more downside pressure towards 134.50 to complete wave 2 and set the stage for a new impulsive rally in wave 3.

At this point only a break above minor resistance at 135.74 and more importantly a break above resistance at 136.06 will confirm that wave 2 has completed and wave 3 is developing for a rally to and above 137.79.

R3: 136.26

R2: 136.06

R1: 135.74

Pivot: 135.44

S1: 135.05

S2: 134.75

S3: 134.50

Trading recommendation:

We will buy GBP at 134.65 or upon a break above 135.74

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