Elliott wave analysis of GBP/JPY for August 16, 2019

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GBP/JPY remains locked below short-term important resistance at 129.31 which is the divider between a bottom likely being in place or more downside to come.

Time is running out for GBP/JPY to break above the pivot-point at 129.31 adding confidence in a low being in place at 126.54 for a rally towards 132.70 and above. If GBP/JPY failes to stay above minor support at 127.49 that will call for renewed downside pressure and a final dip below 126.54 to complete the long-term decline from 148.88

R3: 130.11

R2: 129.65

R1: 129.31

Pivot: 128.12

S1: 127.80

S2: 127.44

S3: 127.05

Trading recommendation:

We remain long GBP from 127.80 with our stop placed at 126.70

R1:

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

Source:: Elliott wave analysis of GBP/JPY for August 16 – 2019

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