Elliott wave analysis of GBP/JPY for September 29 , 2020

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GBP/JPY gained upside momentum and rallied higher to test key-resistance at 136.52. This resistance will likely be able to cap the upside temporary for a corrective set-back to 135.36 before the next push higher towards 138.31. In the long term, we are looking for a rally in wave iii/ to above the former peak at 142.02.

Support is now seen at 135.52 and then at 134.63, which ideally will protect the downside for renewed upside pressure.

R3: 137.15

R2: 136.52

R1: 135.80

Pivot: 135.36

S1: 134.90

S2: 134.63

S3: 134.32

Trading recommendation:

We are long GBP from 133.51 and we will move our stop higher to 133.80

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