Elliott wave analysis of GBP/JPY for September 30, 2020

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GBP/JPY is trading sideways within the 135.25 - 136.22 area. We are looking for a final dip to 135.25 to complete this sideways consolidation and then push higher again through resistance at 136.22 for a rally to at leat 137.20 and possibly even closer to 138.35.

Support is seen at 135.25 and then at 134.62 which should protect the downside for the expected break above resistance at 136.22.

R3: 136.58

R2: 136.22

R1: 135.81

Pivot: 135.25

S1: 134.98

S2: 134.62

S3: 134.38

Trading recommendation:

We are long GBP from 133.51 and we have moved our stop higher to break-even at 133.51.

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