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

GBP/JPY dipped to a low of 135.16 (we where looking for a final dip to 135.25). From the 135.16 low GBP/JPY accelerated higher thorugh resistance at 136.05 confirming more upside pressure towards the next more solid resistance at 138.29.

Support is now seen at 136.05, which we expect will be able to protect the downside for the next push higher to 138.29.

R3: 137.72

R2: 137.10

R1: 136.60

Pivot: 136.32

S1: 136.05

S2: 135.65

S3: 135.16

Trading recommendation:

We are long GBP from 133.51 and we will move our stop higher to 135.05.