Elliott wave analysis of GBP/JPY for September 9, 2019

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GBP/JPY is correcting as expected and should ideally move closer to 129.41 as the correcting in red wave ii evolves. Short-term, we expect minor resistance at 131.69 to cap the upside for more downside pressure towards 130.06 and 129.41 to complete red wave ii and set the stage for a new impulsive rally in red wave iii towards 135.40.

R3: 132.55

R2: 132.16

R1: 131.69

Pivot: 131.54

S1: 130.94

S2: 130.49

S3: 130.19

Trading recommendation:

We are looking for buy GBP near 129.50

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