Elliott wave analysis of GBP/JPY for June 5, 2019

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The GBP/JPY pair has recovered from 136.63. Now it is testing important resistance at 137.48. If this resistance is broken too, then we see wave 2 as complete and wave 3 developing for an ultimate break above the March peak at 148.87.

Support is seen near 136.97 which ideally will protect the downside if wave 2 is complete for a clear break above 137.48. A failure to protect the downside near 136.97 will call for a final dip closer to the 70.7% corrective target at 135.94, but this correction is running out of steam.

R3: 138.36

R2: 137.96

R1: 137.48

Pivot: 137.15

S1: 136.97

S2: 136.53

S3: 136.25

Trading recommendation:

We will buy GBP at 136.15 or upon a break above 137.48

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

Source:: Elliott wave analysis of GBP/JPY for June 5 – 2019

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