Elliott wave analysis of GBP/JPY for September 14, 2020

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GBP/JPY is trying to find the bottom of the red wave iv/. All requirements for the correction from 142.72 have been met. So, it should just be a matter of time before the bottom is in place and a new impulsive rally is in motion. The first indication of a bottom being in place is a break above minor resistance at 136.59 while a break above resistance at 138.38 confirms the low of red wave iv/ and that red wave v/ is in motion.

R3: 137.47

R2: 136.59

R1: 136.14

Pivot: 135.75

S1: 135.42

S2: 134.94

S3: 134.80

Trading recommendation:

We bougth GBP again at 135.55 and we have placed our stop at 135.00.

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