Elliott wave analysis of GBP/JPY for September 24, 2020

analytics5f6c3de990fb2.jpg

We continue to look for a clear break above minor resistance at 134.57 to confirm the completion of the correction in wave ii/ and set the stage for a new impulsive rally in wave iii/ to above the former peak at 142.72.

In the short-term, we will see support at 133.53 which we expect to protect the downside for renewed upside pressure for a clear break above minor resistance at 134.54 and more importantly above resistance at 135.55 that confirms wave ii/ is completed and wave iii/ higher is in motion.

R3: 136.00

R2: 135.55

R1: 134.57

Pivot: 133.96

S1: 133.53

S2: 133.48

S3: 133.14

Trading recommendation:

We are long GBP from 133.51 with our stop placed at 133.00

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