Elliott wave analysis of GBP/JPY for October 1 - 2019

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We expect minor resistance at 133.23 will be able to protect the upside for renewed downside pressure through key-support at 132.10 for a final dip to 130.78 to complete red wave ii and set the stage for a new impulsive rally in red wave iii for a rally towards 139.20.

Only a direct break above resistance at 134.61 will indicate that red wave ii completed early and red wave iii already is developing.

R3: 133.68

R2: 133.51

R1: 133.28

Pivot: 132.92

S1: 132.56

S2: 132.10

S3: 131.96

Trading recommendation:

We are looking for a buying-opportunity at 131.25 or upon a break above 134.61

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