Elliott wave analysis of GBP/JPY for July 15, 2019

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We continue to look for a breakout above resistance at 136.06 and, more importantly, a breakout above resistance at 136.26 to confirm that a firm bottom has been found at 135.08 and a new impulsive rally is developing for a rally towards 137.79 and above.

Only an unexpected breakout below support at 135.05 will reinstate the 134.50 target to complete the 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 are long GBP from 135.75 with our stop placed at 135.00.

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