13.08.201906:40 Forex Analysis & Reviews: Elliott wave analysis of GBP/JPY for August 13 - 2019

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GBP/JPY is trying to build the bottom. However, a break above minor resistance at 128.32 and more importantly a break above resistance at 130.06 will confirm that a long-term low is in place and a new impulsive rally is likely to happen.

As long as minor resistance at 128 32 is able to cap the upside a little more downside pressure closer to the support in the 126.19 - 126.31 can not be excluded.

R3: 128.32

R2: 127.73

R1: 127.30

Pivot: 127.04

S1: 126.52

S2: 126.31

S3: 126.19

Trading recommendation:

We will buy EUR at 126.40 with a stop at 126.00 or upon a break above 127.87.

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