FX.co ★ Elliott wave analysis of GBP/JPY for November 4, 2019

GBP/JPY continues to trade in a very narrow range, indicating a possible minor triangle developing. If this is the case, we could see a final dip closer to 137.74 with an outside chance of a deeper corrective decline towards 135.67 before tuning higher again towards 144.98.

Only a direct break above minor resistance at 140.74 will indicate a premature low being in place and the rally higher towards 144.98 being in force.

R3: 141.15

R2: 141.12

R1: 140.74

Pivot: 140.21

S1: 139.74

S2: 139.26

S3: 139.07

Trading recommendation:

We will buy 50% GBP at 137.85 and 50% at 135.87 or we will buy 100% upon a break above 140.74