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18.06.201906:40 Forex Analysis & Reviews: Elliott wave analysis of GBP/JPY for June 18 - 2019

Long-term review

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GBP/JPY is following the expected path lower towards the next corrective target at 134.52, where we expect the corrective decline in wave 2 from 148.87 will complete and start a new impulsive rally in wave 3 that ultimate will break back above 148.87.

Short-term resistance is now seen at 136.59, which is expected to cap the upside for the decline towards 134.52 but only a break above resistance at 136.94 will indicate that wave 2 is complete and wave 3 higher is developing.

R3: 137.35

R2: 136.94

R1: 136.56

Pivot: 136.08

S1: 135.85

S2: 135.45

S3: 135.00

Trading recommendation:

We will buy GBP at 134.65 or upon a break above 136.94

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