Elliott wave analysis of GBP/JPY for September 2, 2020

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EUR/JPY seems to have completed wave B/ and wave C/ may drop lower to 124.41. We may see the expected drop to 124.41 over the coming days. Once the final leg of wave 2/ is completed near 124.41, a new impulsive rally higher to resistance at 129.23 is expected.

Short-term support is seen at 126.10 and again at 125.77 on the way lower towards 124.41

R3: 142.73

R2: 142.28

R1: 141.98

Pivot: 141.33

S1: 140.88

S2: 140.30

S3: 139.90

Trading recommendation:

We will buy GBP again at 138.50

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