Elliott wave analysis of GBP/JPY for Oct 14, 2019

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GBP/JPY has accelerated higher and should continue its upside progress after a minor correction towards 135.15 from where renewed upside pressure is expected for a rally towards 139.15 and 144.98 as the next upside targets.

In the longer term, the minimum target is seen at 160.12 but it could easily extend much higher.

R3: 138.44

R2: 137.87

R1: 137.23

Pivot: 136.73

S1: 136.22

S2: 135.65

S3: 135.15

Trading recommendation:

We are long GBP from 131.25 and we will raise our stop to 133.50

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

Source:: Elliott wave analysis of GBP/JPY for October 14 – 2019

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