Elliott wave analysis of GBP/JPY for April 27 - 2020

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The consolidation from 131.88 remains in place and a new test of the resistance-areas top near 133.68 can be expected before renewed downside pressure. We need a break below minor support at 131.88 to trigger downside acceleration towards 126.99 and below. Once the former low at 126.99 has been exceeded all requirements to the decline from 147.96 will have been fulfilled and a new impulsive rally to and above 147.96 may occur.

R3: 134.95

R2: 134.12

R1: 133.68

Pivot: 133.28

S1: 132.52

S2: 131.88

S3: 131.34

Trading recommendation:

We are short GBP from 134.35 with our stop placed at 135.00. Upon a break below 131.88 we will move our stop lower to 134.00.

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