Elliott wave analysis of GBP/JPY for April 28 - 2020

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GBP/JPY is barely moving and is trading in a very narrow range between 132.93 - 133.59. We are looking for a break below minor support at 132.36 and more importantly a break below support at 131.88 that may accelerate the downside pressure to the level below 123.99. Once this final decline has broken below 123.99 all requirements to the decline from 147.96 will have been fulfilled and a long-term low should be expected anytime.

R3: 134.95

R2: 134.12

R1: 133.68

Pivot: 133.28

S1: 13236

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 lower our stop to 134.00

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