FX.co ★ Elliott wave analysis of GBP/JPY for July 27, 2020

GBP/JPY corrected to a low of 134.97 or just below our second corrective target at 135.09. This should be enough for the next impulsive rally above 135.92 for a rally towards 139.80 as the next major target.

Support is now seen at 135.35 and again at 134.97 that should be able to protect the downside for the expected rally above 135.92 and 136.62 for the expected rally higher to 139.80.

R3: 137.00

R2: 136.62

R1: 135.92

Pivot: 135.60

S1: 135.41

S2: 134.97

S3: 134.75

Trading recommendation:

We are long EUr from 135.48 and we will keep our stop at 134.00 for now.