12.06.201906:51 Forex Analysis & Reviews: Elliott wave analysis of GBP/JPY for June 12 - 2019

Long-term review

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GBP/JPY remained flat the last couple of trading days. The political uncertainty in the UK weighs on GBP. Thus, we're waiting for signals for GBP and are looking for a break above minor resistance at 137.79 that should open for rally to 139.64 on the way higher to 141.40.

Only a direct break below support at 136.96 will invalidate our bullish outlook and call for renewed downside pressure towards 135.73.

R3: 139.65

R2: 138.80

R1: 138.26

Pivot: 137.85

S1: 137.45

S2: 136.96

S3: 136.59

Trading recommendation:

We are long GBP from 137.50 with our stop placed at 136.90. Upon a break above 137.96 we will raise our stop to break-even at 137.50.

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