FX.co ★ Elliott wave analysis of GBP/JPY for April 3, 2020

Short-term support at 132.72 continues to act as a barrier keeping the corrective rally in wave iv alive for a possible final spike to just above 134.72. However, a clear break below the 132.72 support will indicate wave iv has completed and a break below support at 132.10 will confirm wave has completed and wave v to below 123.99 is unfolding.

So we remain in a wait and see situation, whether a final spike is needed in wave iv or wave v is ready to unfold.

R3: 135.50

R2: 135.05

R1: 134.72

Pivot: 134.40

S1: 133.45

S2: 132.70

S3: 132.10

Trading recommendation:

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