Elliott wave analysis of GBP/JPY for September 28, 2020

analytics5f71652f21b60.jpg

GBP/JPY has broken above short-term key-resistance at 134.57 to confirm that an important low has been seen at 133.08 and a new impulsive rally now is in motion for a rally above the former peak at 142.70 in wave iii/.

In the short-term, we see support near 133.90 which ideally will be able to protect the downside for renewed upside pressure towards 136.33 and above. However, only an unexpected break below support at 133.11 will invalidate our bullish outlook.

R3: 136.05

R2: 135.51

R1: 134.99

Pivot: 134.57

S1: 134.33

S2: 133.99

S3: 133.60

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