FX.co ★ Elliott wave analysis of GBP/JPY for March 24, 2020

GBP/JPY barely moved yesterday. It has been trading in a very narrow range between 127.32 - 129.15. We continue to look for a dip to 126.48 and the a move higher to 134.52 to complete wave iv and set the stage for the final decline in wave v towards 123.04.

Once the low is in place, we should be looking for a decent ascend towards the long-term resistance-line near 145.00.

R3: 132.04

R2: 130.45

R1: 129.30

Pivot: 128.46

S1: 127.89

S2: 126.48

S3: 125.01

Trading recommendation:

We will look for a possible GBP selling opportunity near 134.45