Elliott wave analysis of GBP/JPY for July 31, 2020

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GBP/JPY is ready to test the resistance line near 137.85 and break above here. If so, it will rise higher to 139.80 as the next upside target. However, in the longer-term, we are looking for much more upside pressure and a rally to 148.32.

Support at 136.07 will be able to protect the downside for the test and break above the resistance line at 137.85.

R3: 138.34

R2: 137.85

R1: 137.39

Pivot: 136.67

S1: 136.34

S2: 136.07

S3: 135.64

Trading recommendation:

We are long GBP from 135.48 and we will move our stop higher to break-even at 135.48

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