Elliott wave analysis of GBP/JPY for September 7, 2020

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We continue to look for more downside pressure here. However, we expect a minor rally close to resistance in the 141.44 - 141.54 area before the pair declines to minor resistance at 140.09. If it breaks above this level, it will confirm renewed downside pressure to the ideal target near 138.35

R3: 141.82

R2: 141.44

R1: 141.10

Pivot: 140.55

S1: 140.25

S2: 140.10

S3: 139.85

Trading recommendation:

We will re-buy GBP near 138.35

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