Elliott wave analysis of GBP/JPY for July 9 - 2019

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GBP/JPY has continued to move higher. Now it is testing resistance at 126.27. We continue to look for a final dip closer to our target at 134.50 to complete wave 2 and set the stage for a new impulsive rally in wave 3 above the 148.87 peak.

In the short-term, a break below minor support at 135.51 will confirm that the final dip towards 134.50 is unfolding.

R3: 137.24

R2: 136.89

R1: 136.30

Pivot: 136.05

S1: 135.75

S2: 135.35

S3: 135.00

Trading recommendation:

We continue to look for a buying opportunity at 134.65

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