Elliott wave analysis of GBP/JPY for March 25 - 2020

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GBP/JPY did not dip to 126.48 before starting to move higher towards the corrective target at 134.52. It seems that a complex b-wave is unfolding and in that case, we should expect a rise around 132.05 and then a second dip to 127.30 and maybe just below before the spike to 134.52.

Once this correction near 134.52 is completed, we should look for a final drop to 123.04.

R3: 134.52

R2: 133.97

R1: 132.92

Pivot: 132.05

S1: 131.20

S2: 130.47

S3: 129.55

Trading recommendation:

We are looking for a GBP selling opportunity near 134.45

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