FX.co ★ Elliott wave analysis of GBP/JPY for June 20 - 2019

We are looking for a final dip closer to 134.52 to complete wave 2 and start a new impulsive rally in wave 3 that ultimately will take us back above the 148.87 peak.

in the short-term, a dip closer to 134.52 remains expected as long as minor resistance at 136.94 is able to cap the upside. However, from 134.52 or upon a break above 136.94 renewed upside pressure should be expected 148.87 and even closer to long-term resistance near 168.00.

R3: 137.35

R2: 136.94

R1: 136.56

Pivot: 136.08

S1: 135.85

S2: 135.35

S1: 135.00

Trading recommendation:

We will buy GBO at 134.65 or upon a clear break above 136.94