FX.co ★ Elliott wave analysis of GBP/JPY for June 3, 2019

GBP/JPY keeps pushing lower towards the 70.7% corrective target seen at 135.94. We are looking for a low at this corrective target and the completion of the corrective decline in the wave 2 for a new impulsive rally in the wave 3 above 148.87.

The first solid evidence that wave 2 has completed is seen upon a breakout above minor resistance at 137.48, while a breakout above resistance at 138.74 is needed to confirm that the wave 3 is developing.

R3: 138.74

R2: 137.79

S1: 137.48

Pivot: 137.01

S1: 136.63

S2: 136.25

S3: 135.93

Trading recommendation:

We are looking for a GBP buying opportunity at 136.15 or upon a breakout above minor resistance at 137.48.