FX.co ★ Elliott wave analysis of GBP/JPY for May 29, 2020

Key-resistance at 133.19 remains untouched which keeps this count as the alternate count. We believe that it is just a matter of time before the real test and likely break above key-resistance at 133.19 occur. Once broken that will call for a continuation higher to 135.00 and to 141.06.

In the short-term, we could see GBP/JPY move lower to the solid support at 131.87 before being ready to test the key-resistance again.

R3: 133.59

R2: 133.19

R1: 132.40

Pivot: 131.87

S1: 131.56

S2: 131.20

S3: 130.65

Trading recommendation:

We are long GBP from 131.95 and has placed our stop at 130.65