Elliott wave analysis of GBP/JPY for June 24, 2019

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After testing a low of 135.43 GBP/JPY has been testing short-term important resistance at 136.92 multiple times indicating a weakening decline and possible bottom for wave 2. We have now seen a more substantial break above 136.92 and look for a firm break above 137.18 too. A break above this resistance will be a strong indication that wave 2 now is complete and wave 3 to above 148.87 now is developing.

Support is now seen at 136.01 which should be able to protect the downside for the break above 137.18.

R3: 137.79

R2: 137.53

R1: 137.18

Pivot: 136.85

S1: 136.47

S2: 136.16

S3: 136.01

Trading recommendation:

We are long GBP from 136.96 with our stop placed at 135.96

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

Source:: Elliott wave analysis of GBP/JPY for June 24 – 2019

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