FX.co ★ Elliott wave analysis of GBP/JPY for April 1, 2020

GBP/JPY continues to stall at the 50% corrective target at 134.52 but we still need a break below minor support at 132.72 and more importantly a break below support at 132.10 to confirm that wave iv has completed and wave v is unfolding. The ideal target for wave v is seen near 123.04, but all that's needed is a break below 123.99 to fulfill all requirements.

As long as minor support at 132.72 is able to protect the downside , we must accept the possibility for a final spike above 134.52 to complete wave iv.

R3: 135.50

R2: 135.05

R1: 134.73

Pivot: 134.30

S1: 133.45

S2: 132.72

S3: 132.10

Trading recommendation:

We are short GBP from 134.45 with our stop placed at 135.45