FX.co ★ Elliott wave analysis of GBP/JPY for September 12, 2019

GBP/JPY tested short-term important support at 132.65 but failed to break through and is again testing resistance at 133.36. We continue to look for more downside pressure in in red wave ii for a dip to 130.06 and likely even closer to support at 129.41 before the next impulsive rally higher to 135.40 and above.

That said, we will stress that our preferred count, shows that the expected dip closer to 129.41 only is a correction in a more bullish pattern that longer term should take us much higher.

R3: 134.34

R2: 133.82

R1: 133.36

Pivot: 132.96

S1: 132.65

S2: 132.13

S3: 132.62

Trading recommendation:

We are looking for a GBP-buying opportunity near 129.50