FX.co ★ Elliott wave analysis of GBP/JPY for June 19 - 2019

GBP/JPY is currently testing resistance near 136.56 may cap the upside for renewed downside pressure towards the 134.52 target to complete wave 2 and set the stage for a new impulsive rally in wave 3.

Only a direct break above resistance at 136.94 will indicate wave 2 has completed prematurely and wave 3 already is developing for an ultimate break back above the 148.87 peak.

R3: 137.35

R2: 136.94

R1: 136.56

Pivot: 136.08

S1: 135.85

S2: 135.35

S3: 135.00

Trading recommendation:

We will buy GBP at 134.65 or upon a break above 136.94