Elliott wave analysis of GBP/JPY for Apr 8, 2020

Posted On 08 Apr 2020

We have finally seen the spike to just above the 134.72 high (the high has been seen at 134.86). This should be enough to turn GBP/JPY lower again. Short-term resistance at 132.70 confirms that wave iv has completed and wave v to below 123.99 is developing.

This is the final decline in the five wave from 147.91 and should also be the final wave in the long-term drop from 156.61 and once this wave is completed a new rally towards at least 156.61 should be expected.

R3: 135.48

R2: 135.00

R1: 134.86

Pivot: 134.35

S1: 133.66

S2: 133.10

S3: 132.70

Trading recommendation:

We are short GBP from 134.40 with our stop placed at 135.40

The material has been provided by InstaForex Company – www.instaforex.com

Source:: Elliott wave analysis of GBP/JPY for April 8 – 2020

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