Elliott wave analysis of GBP/JPY for Apr 16, 2020

Posted On 16 Apr 2020

GBP/JPY has turned lower from resistance at 135.40 and all that’s needed to confirm wave iv/ has completed and the final decline in wave v/ is in motion is a break below support at 133.69. As long as short-term key support at 133.69 is able to protect the downside, there remains a possibility that GBP/JPY will surpass resistance at 135.40 for a continuation towards 137.15, but at this point in time, we regard this option a very low possibility option and will be looking for a break below 133.69 for a new impulsive decline in wave v/ to below 123.99.

R3: 136.36

R2: 135.40

S1: 135.02

Pivot: 133.69

S1: 132.97

S2: 132.41

S3: 131.41

Trading recommendation:

We sold GBP at 134.35 and we have placed our stop at 135.50

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Source:: Elliott wave analysis of GBP/JPY for April 16, 2020

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