Elliott wave analysis of GBP/JPY for April 14, 2020

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Low volatility over the Easter holidays has extended the corrective rally from 123.99 through resistance at 134.70, which did open a window for a move closer to 135.41 (already tested) and maybe even closer to 137.15 before the correction finally peaks and wave v to below 123.99 is initiated.

Only a direct break below minor support at 134.35 and more importantly a break below support at 133.67 will confirm wave iv being complete and wave v unfolding.

R3: 137.15

R2: 136.39

R1: 135.41

Pivot: 134.35

S1: 133.67

S2: 132.97

S3: 132.41

Trading recommendation:

We will sell GBP at 136.95 or upon a break below 134.35

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