Elliott wave analysis of GBP/JPY for April 8, 2021

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EUR/JPY is currently testing the former peak in red wave iii at 130.67. We expect another peak here for a new dip towards support at 128.34 to complete red wave iv and set the stage for the next rally higher towards the S/H/S target at 133.65.

A break below minor support at 129.81 will confirm a top is in place for the expected dip towards 128.34 before higher again.

Trading recommendation:

We are long EUR and we will raise our stop to 129.75

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

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