Elliott wave analysis of GBP/JPY for September 25, 2020

GBP/JPY remains locked just below short-term key-resistance at 134.57. Ultimately we see a break above here to confirm the completion of wave ii/ and the onset of wave iii/ to above the former peak at 142.70. The longer we stay locked just below short-term key-support the stronger the coming rally is expected.

Short-term support is seen at 134.01 and then at 133.58.

R3: 136.00

R2: 135.55

R1: 134.57

Pivot: 133.96

S1: 133.58

S2: 133.48

S3: 133.14

Trading recommendation:

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

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