FX.co ★ Elliott wave analysis of GBP/JPY for October 15 - 2019

We have seen the expected correction lower, but only to a low of 135.47 (just above our ideal target at 135.15). The dip to 135.47 could be enough and GBP/JPY could be ready to engage in the next rally higher towards 137.83 on the way to 139.15.

Support is now seen at 136.21 and then at 135.47 before 135.15.

R3: 138.79

R2: 138.38

R1: 137.83

Pivot: 137.22

S1: 136.21

S2: 135.47

S3: 135.15

Trading recommendation:

We are long GBP from 131.25 with our stop placed at 133.55