FX.co ★ Elliott wave analysis of GBP/JPY for August 5, 2020

We continue to look for a final push higher to 140.35 to complete blue wave iii and set the stage for a temporary sideways correction in blue wave iv towards 137.92 before the pair will rise to 141.86 and possibly even closer to 144.29 as the next major upside target.

Support is seen at 137.92 and then at 137.74.

R3: 140.35

R2: 139.80

R1: 139.20

Pivot: 138.75

S1: 138.34

S2: 137.74

S3: 137.14

Trading recommendation:

We are long GBP from 135.48 and we have our stop placed at 137.00. We will take profit on 50% of our long position at 140.25