FX.co ★ Elliott wave analysis of GBP/JPY for April 15 - 2020

GBP/JPY had been trading within a narrow range for the last 24 hours. Trading between 134.48 - 135.50 could indicate that one more rally closer to 137.15 may be seen, but only if minor support at 134.38 keeps protecting the downside. A break below minor support at 134.38 will indicate that the corrective rally from 123.99 is completed and a final decline to below 123.99 should be expected.

R3: 137.15

R2: 136.36

R1: 135.41

Pivot: 134.35

S1: 133.67

S2: 132.97

S3: 132.41

Trading recommendation:

We will sell GBP at 136.95 or upon a break below 134.35