FX.co ★ Elliott wave analysis of GBP/JPY for September 1, 2020

GBP/JPY could peak anytime now for a correction towards 138.34 in red wave iv/. A break below minor support at 141.30 will indicate that GBP/JPY has peaked and the expected correction in red wave iv/ is ongoing for a dip to 138.34 before red wave v/ moves higher to complete red wave iii in the 143.43 - 144.63 area and set the stage for a sideways consolidation in red wave iv.

However, for now, we are looking for a break below 141.30 to confirm that red wave iii/ has peaked and red wave iv/ is ongoing.

R3: 142.60

R2: 142.30

R1: 142.04

Pivot: 141.30

S1: 140.87

S2: 140.59

S3: 140.32

Trading recommendation:

We will buy GBP again at 138.50