FX.co ★ Elliott wave analysis of GBP/JPY for April 17, 2020

GBP/JPY has tested short-term key support at 133.69 a couple of time without being able to break below. We still favor a break being seen near term for confirmation that wave iv has completed and wave v to below 123.99 is in motion. That said, the risk for one more pop towards 137.15 remains in place as long as key support at 133.69 hasn't been broken.

R3: 136.36

R2: 135.40

R1: 135.02

Pivot: 133.69

S1: 132.97

S2: 132.41

S3: 131.41

Trading recommendation:

We are short GBP from 134.35 with our stop placed at 135.50