Elliott wave analysis of GBP/JPY for July 12 - 2019

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GBP/JPY is testing short-term important resistance at 135.98. A break above here will confirm that wave 2 completed with the test of 135.05 and a new impulsive rally is ready to take off towards 137.79 and above.

Support is now seen at 135.65 and again at 135.44 but only a break back below 135.05 will re-open the downside for a final dip closer to 134.50 to complete wave 2.

R3: 136.78

R2: 136.22

R1: 135.98

Pivot: 135.65

S1: 135.44

S2: 135.20

S3: 135.05

Trading recommendation:

We bought GBP at 135.75 and we have placed our stop at 135.00.

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