FX.co ★ Elliott wave analysis of GBP/JPY for June 25, 2020

GBP/JPY is trading sluggishly. A break above minor resistance at 133.65 will indicate that the next impulsive rally higher to key-resistance at 136.35 is in motion. It may grow above the 139.67 peak.

We need the break above minor resistance at 133.65 to confirm the completion of this minor correction. Failure to break clearly above 133.65 will likely mean that the pair will trade sideways before it gains ground.

R3: 135.18

R2: 134.38

R1: 133.81

Pivot: 133.65

S1: 133.08

S2: 132.72

S3: 132.10

Trading recommendation:

We are long GBP from 132.85 with our stop placed at 131.55. Upon a break above minor resistance at 133.65 we will raise our stop to 132.50.