Elliott wave analysis of GBP/JPY for October 4 - 2019

GBP/JPY is now hovering just above the ideal corrective target at 130.78. We continue to look for a final dip closer to this target as long as minor resistance at 132.55 and more importantly as long as resistance at 133.36 is able to cap the upside. However, a break above resistance at 133.36 will indicate that red wave ii has completed and red wave iii towards 139.15 is developing.

R3: 133.36
R2: 132.85
R1: 132.55
Pivot: 132.00
S1: 131.47
S2: 131.25
S3: 130.78

Trading recommendation:
We will buy GBP at 131.25 or upon a break above 132.55

Analysis are provided by InstaForex