Elliott wave analysis of GBP/JPY for July 10 – 2019

Elliott wave analysis of GBP/JPY for July 10 – 2019

GBP/JPY seems to be working on its final dip towards our target at 134.50 from where a new impulsive rally is expected. This next rally should ultimately rally back above the 148.87 peak. Short-term minor resistance is seen at 135.82, which is expected to cap the upside for a break below 135.36 and 135.15 for the dip to 134.50 to complete wave 2 and set the stage for wave 3 higher. Only an unexpected break above resistance at 136.75 will indicate that wave 2 already has completed and wave 3 is in motion.

R3: 137.24

R2: 136.75

R1: 136.30

Pivot: 135.82

S1: 135.36

S2: 135.15

S3: 134.50

Trading recommendation:

We are looking to buy GBP at 134.65.

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