15.05.202006:34 Forex Analysis & Reviews: Elliott wave analysis of GBP/JPY for May 15 - 2020

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GBP/JPY has broken clearly through short-term key-support at 131.88 indicating more downside pressure towards 128.53 on the way to just below 123.99. So, it is likely to complete the final decline from 147.95.

Short-term resistance is now seen at 131.88 (former support turns to resistance). Ideally, this resistance will continue to protect the upside for a continued downside pressure towards 128.53 and below. Only an unexpected break above resistance at 133.19 will invalidate our bearish view.

R3: 133.19

R2: 131.81

R1: 131.30

Pivot: 130.75

S1: 130.11

S2: 129.72

S3: 129.13

Trading recommendation:

We sold GBP at 131.88 and have our stop+revers placed at 133.20

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