FX.co ★ Elliott wave analysis of GBP/JPY for August 15 - 2019

GBP/JPY remains locked below the short-term important resistance at 129.31. If the pair breaks this resistance, a long-term low at 126.52 looks quite possible.

Minor support at 127.70 is currently being tested and expected to withstand the pressure for a break above minor resistance at 128.67 and more importantly, a break above resistance at 129.31 that will confirm a bottom being in place for a rally towards 132.96 and higher.

Only below support at 126.82 will call for renewed downside pressure and a dip below 126.52.

R3: 129.65

R2: 129.23

R1: 128.51

Pivot: 127.94

S1: 127.44

S2: 127.05

S3: 126.82

Trading recommendation:

We are long GBP from 127.80 with our stop at 126.70