FX.co ★ Elliott wave analysis of GBP/JPY for September 25 - 2019

We continue to look for more downside pressure through minor resistance at 133.30 towards 132.36 and ideally closer to 130.78 as the ideal downside target for red wave ii.

Short-term resistance is found at 134.53 which we expect will be able to cap the upside for the expected break below 133.30. Once the correction in red wave ii is complete and new impulsive rally higher to 139.2.

R3: 134.53

R2: 134.28

R1: 134.04

Pivot: 133.56

S1: 133.30

S2: 133.16

S3: 132.89

Trading recommendation:

We will buy GBP near 131.25