FX.co ★ Elliott wave analysis of GBP/JPY for October 29 - 2019

Despite GBP/JPY moving higher we expect minor resistance at 140.74 to be able to cap the upside for another corrective decline towards at least 138.84 and likely even closer to our ideal target near 135.67. However, this target seems a bit of a stretch at this point in time.

Only a direct break above minor resistance at 140.74 will indicate that this correction has completed and a new impulsive rally to 144.98 and above already is developing.

R3: 141.51

R2: 141.12

R1: 140.74

Pivot: 140.21

S1: 139.74

S2: 139.26

S3: 139.07

Trading recommendation:

We will buy GBP at 135.75 or upon a break above 140.74