Elliott wave analysis of GBP/JPY for July 5, 2019

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We continue to look for a final dip closer to 134.50 to complete the wave 2 and set the stage for a new impulsive rally in the wave 3 that will ultimately break above the 148.87 peak.

In the short term, we see resistance at 136.24 and important resistance at 136.89. And only a breakout above the later will confirm that the wave 2 has completed and the wave 3 is developing.

R3: 136.89

R2: 136.46

R1: 136.24

Pivot: 135.75

S1: 135.35

S2: 135.00

S3: 134.50

Trading recommendation:

We will buy GBP at 134.65.

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