FX.co ★ Elliott wave analysis of GBP/JPY for September 30 - 2019

Short-term key-support at 132.10 remains untouched. We will likely see a test of this key-support soon and it will most likely reject the first attempt and cause a minor corrective rally to 133.30 before moving lower again to test the key-support at 132.10. This time we will expect a successful breakthrough towards the ideal target near 130.78 before red wave ii is complete and red wave iii towards 139.20 should start to unfold.

R3: 133.68

R2: 133.51

R1: 133.28

Pivot: 132.92

S1: 132.56

S2: 132.10

S3: 131.96

Trading recommendation:

We will buy GBP at 131.25 or upon a break above 134.61