Elliott wave analysis of GBP/JPY for July 6, 2020

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After the break above resistance at 133.65 GBP/JPY should continue to push higher towards the next minor target at 135.90. A break above here will confirm a continuation towards the 139.74 peak and ultimately a break above here too for a rally closer to 148.32 as the next major target.

Short-term support is seen at 134.20 and then at 133.70.

R3: 135.90

R2: 135.55

R1: 135.06

Pivot: 134.55

S1: 134.20

S2: 133.90

S3: 133.70

Trading recommendation:

We are long GBP from 132.85 and we will raise our stop to break-even

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