Elliott wave analysis of GBP/JPY for April 2, 2020

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Resistance at 134.72 has held up nicely and seems to be able to protect the upside for renewed downside pressure through minor support at 132.72 and more importantly below support at 132.10 confirming wave v is developing for the final decline to below 123.99.

That said, as long as a clear break below 132.72 hasn't been seen, we can't exclude a final push to just above 134.72 to complete the corrective rally in wave iv and set the stage for wave v lower. So for now it's a wait and see game between the bulls and the bears

R3: 135.50

R2: 135.05

R1: 134.72

Pivot: 134.40

S1: 133.45

S2: 132.72

S3: 132.10

Trading recommendation:

We sold GBP at 134.45 with our stop placed at 135.45

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