Elliott wave analysis of GBP/JPY for September 16, 2020

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GBP/JPY is building a base for the next impulsive rally higher. We continue to look for a break above minor resistance at 136.60 that confirms red wave iv/ has completed and red wave v/ has taken over for an impulsive rally to and above the former 142.72 peak.

Short-term support at 135.50 should be able to protect the downside for the expected break above minor resistance at 136.60.

R3: 137.10

R2: 136.60

R1: 136.06

Pivot: 135.90

S1: 135.75

S2: 135.50

S3: 135.25

Trading recommendation:

We are long GBP from 135.55 with our stop placed at 135.00

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