Elliott wave analysis of GBP/JPY for August 3, 2020

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GBP/JPY broke above resistance at 137.85 as was nothing there to protect the upside. With the break above 137.85, we are looking for a test of the former peak at 139.80. This resistance might be able to halt the rise temporary, but it should only be a matter of time before the pair moves higher to 144.29 and to 148.32.

R3: 139.80

R2: 139.20

R1: 138.75

Pivot: 138.30

S1: 137.92

S2: 134.43

S3: 136.93

Trading recommendation:

We are long GBP from 135.48 and we will move our stop higher to 136.50

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