04.10.201907:04 Forex Analysis & Reviews: Elliott wave analysis of GBP/JPY for October 4 - 2019

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GBP/JPY is now hovering just above the ideal corrective target at 130.78. We continue to look for a final dip closer to this target as long as minor resistance at 132.55 and more importantly as long as resistance at 133.36 is able to cap the upside. However, a break above resistance at 133.36 will indicate that red wave ii has completed and red wave iii towards 139.15 is developing.

R3: 133.36

R2: 132.85

R1: 132.55

Pivot: 132.00

S1: 131.47

S2: 131.25

S3: 130.78

Trading recommendation:

We will buy GBP at 131.25 or upon a break above 132.55

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