Elliott wave analysis of GBP/JPY for September 16, 2019

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GBP/JPY continues moving higher and has almost tested the 135.40 target. We are still looking for a more substantial correction, but it is likely, as this correction only will test strong support near 130.78 before moving higher again towards 137.60 and 140.34 as the next upside targets.

In the short term, a break below minor support at 134.03 will indicate more downside pressure towards 130.78 to complete red wave ii and set the stage for a new impulsive rally towards 137.60

R3: 137.69

R2: 136.32

R1: 135.40

Pivot; 134.03

S1: 133.63

S2: 133.18

S3: 132.69

Trading recommendation:

We are looking for a buying opportunity near 131.15.

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