FX.co ★ Elliott wave analysis of GBP/JPY for March 30, 2020

GBP/JPY has finally reached our ideal target at 134.52 (the high has been seen at 134.73). We are now looking for a break below support at 132.67 and more importantly a break below support at 132.10 to confirm that the correction in wave iv has completed and wave v is ready to take over for a decline towards 123.04.

That said, it should be remembered, that all that is needed is a break below 124.00 to fulfill all requirements to wave v, but for we should be looking for a break below support at 132.67 as indication that wave iv has completed.

R3: 135.50

R2: 135.04

R1: 134.30

Pivot: 133.45

S1: 132.67

S2: 132.10

S3: 131.77

Trading recommendation:

We sold GBP at 134.45 and we will place our stop at 135.45