FX.co ★ Elliott wave analysis of GBP/JPY for July 4 - 2019

GBP/JPY has dipped to a new low and we should be prepared for a little more downside pressure towards 134.50 before wave 2 finally completes and a new impulsive rally can start developing for an ultimate break back above the 148.87 peak.

Only a direct break above minor resistance at 136.89 will indicate that the bottom already is in place.

R3: 136.89

R2: 136.43

R1: 135.81

Pivot: 135.75

S1: 135.355

S2: 135.00

S3: 134.50

Trading recommendation:

We will only buy GBP at 134.65