Elliott wave analysis of GBP/JPY for June 17, 2020

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The minor correction from 136.35 seems to have been completed. We are looking for a break above minor resistance at 135.35 as confirmation for the next impulsive rally above the mini-peak at 136.35 for a continuation higher to 139.77 and to 148.32.

Short-term support is seen at 134.14 with short-term support at 133.47.

R3: 135.92

R2: 135.33

R1: 134.75

Pivot: 134.54

S1: 134.14

S2: 133.74

S3: 133.47

Trading recommendation:

We are long GBP from 135.35 and we have placed our stop at 133.10

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

Source:: Elliott wave analysis of GBP/JPY for June 17, 2020

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