Elliott wave analysis of GBP/JPY for August 4, 2020

analytics5f28ed538fc53.jpg

GBP/JPY should continue rising to resistance at 140.35 to complete blue wave iii and set a stage for a temporary correction towards 137.74 before entering a new impulsive rally higher towards 144.29 on the way towards 148.32.

Support is currently seen at 138.34 and again at 137.74.

R3: 140.35

R2: 139.80

R1: 139.20

Pivot: 138.75

S1: 138.34

S2: 137.74

S3: 137.14

Trading recommendation:

We are long on GBP from 135.48 and we will move our stop slightly higher to 137.00. We will take 50% profit on our long position at 140.25.

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