FX.co ★ Elliott wave analysis of GBP/JPY for September 23 - 2019

GBP/JPY has finally begun its decent towards 130.78. We should expect support at 133.81. The pair is likely to try to reject the attempt to break lower but ultimately it should give away for a decline to 133.12 and then lower towards the ideal downside target at 130.78.

At this point, only an unexpected break back above 135.38 will indicate that a sub-normal correction has been seen and a new rally higher to 137.77 is developing.

R3: 135.14

R2: 134.94

R1: 134.80

Pivot: 134.57

S1: 134.33

S2: 134.06

S3: 133.81

Trading recommendation:

We are looking for a buying opportunity near 131.15