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

Technical Market Outlook:
GBP/JPY remains locked inside the sideways consolidation between 135.41 and 136.59 and we will need a break out of this consolidation-area for the next meaningfull move. We prefer a break above resistance at 136.59, but the longer GBP/JPY stays locked inside this sideways consolidation, the risk for a break below support at 135.41 rises for a final spike towards 133.87.

A break above 136.59 will confirm that red wave iv/ has completed and red wave v/ to above 142.72 is in motion.
R3: 137.10
R2: 136.60
R1: 136.06
Pivot: 135.90
S1: 135.75
S2: 135.50
S3: 135.25

Trading recommendation:
We are long GBP from 135.55 and we will move our stop to 135.35

Analysis are provided by InstaForex