FX.co ★ Elliott wave analysis of GBP/JPY for July 22, 2020

GBP/JPY has broken the first minor resistance at 135.92. It is likely to rise to 139.80 and break above this resistance too. Support is now seen at 135.52 and again at 135.09. The pair may break above 135.92 climbing higher towards 139.80.

R3: 138.50

R2: 137.30

R1: 135.92

Pivot: 135.71

S1: 135.52

S2: 135.09

S3: 134.70

Trading recommendation:

We are long GBP at 135.48 and we have placed our stop at 134.05