FX.co ★ Elliott wave analysis of GBP/JPY for September 24 - 2019

GBP/JPY continues to move lower as expected and the break below key support at 133.83 confirms more downside pressure towards 132.16 and ideally closer to our ideal target at 130.78 to complete a complex expanding correction as red wave ii.

Once this expanded correction is complete a new impulsive rally higher to 139.27 will be expected and in the longer term, it is likely to push higher.

R3: 134.28

R2: 134.04

R1: 133.90

Pivot: 133.56

S1: 133.30

S2: 133.16

S3: 132.89

Trading recommendation:

We are looking for a buy-opportunity near 131.25.