FX.co ★ Elliott wave analysis of GBP/JPY for July 9, 2020

GBP/JPY is heading towards key-resistance at 136.35. This resistance is expected to ultimately give way for a continuation towards the former peak at 139.74. Resistance will be seen at 137.30.

In the short-term, we expect support at 135.01 and more importantly support at 134.55 to be able to protect the downside for the next push higher to 136.35 and 137.30.

R3: 137.30

R2: 136.07

R1: 135.71

Pivot: 135.40

S1: 135.01

S2: 134.70

S3: 134.55

Trading recommendation:

We are long GBP/JPY from 132.85 and we will raise our stop to 134.40