FX.co ★ Elliott wave analysis of GBP/JPY for September 8, 2020

The pair failed to rise to resistance at 141.40. GBP/JPY continued to decline lower and broke below support at 140.09 as expected. The pair entered the correctional phase near 142.72. The ideal target for this decline is seen near 138.30 and once this corrective decline is completed, a new rally is expected towards at least 148.32 and possibly even higher.

Resistance is now seen at 140.09 and at 140.50.

R3: 140.50

R2: 140.09

R1: 139.81

Pivot: 139.60

S1: 139.34

S2: 138.96

S3: 138.30

Trading recommendation:

We are looking for a new buying opportunity near 138.30