FX.co ★ Elliott wave analysis of GBP/JPY for September 15, 2020

We are looking for a break above minor resistance at 136.60 to confirm that red wave iv/ finally has completed and a new impulsive rally in red wave v/ to above 142.72 has begun. Yesterday we saw a new test of the minor resistance at 136.60 and once again it rejected this test showing us the importance of this resistance, but once GBP/JPY finally breaks above it, then a rally to key-resistance at 138.36 is next and above here confirms the completion of red wave iv/ and the onset of red wave v/.

R3: 137.47

R2: 136.59

R1: 136.14

Pivot: 135.75

S1: 135.42

S2: 134.94

S3: 134.80

Trading recommendation:

We are long GBP from 135.55 with our stop placed at 135.00