FX.co ★ Elliott wave analysis of GBP/JPY for June 2, 2020

GBP/JPY has finally broken above key resistance at 133.19 making this count our preferred count. In the short-term, we see solid resistance at 135.10 that will be able to cap the upside temporary for a corrective dip to 133.75 before pushing higher again through resistance at 135.10 towards 141.06.

R3: 135.45

R2: 135.10

R1: 134.75

Pivot: 134.30

S1: 134.09

S2: 133.82

S3: 133.75

Trading recommendation:

We are long GBP from 131.95 and we will move our stop higher to 132.45