Elliott wave analysis of GBP/JPY for September 3, 2020

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GBP/JPY peaked in red wave iii/ at 142.72 and the expected correction in red wave iv/ towards 138.33 is now unfolding. The break below minor support at 141.30 was the catalyst we need to declare red wave iii/ for complete and red wave iv/ in motion.

We expect minor resistance at 141.89 now will act like a cap for further downside progress in the days to come towards the ideal target near 138.33.

R3: 142.72

R2: 142.20

R1: 141.89

Pivot: 141.64

S1: 141.23

S2: 140.99

S3: 140.69

Trading recommendation:

We will re-buy GBP near 138.33.

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