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18.07.201907:20 Forex Analysis & Reviews: Elliott wave analysis of GBP/JPY for July 18, 2019

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GBP/JPY has fulfilled our target at 124.50, but is still able to push lower, but we are now seeing the first signs of weakness and a possible bottom being in place shortly. The first sign of a low for wave 2 is a break above minor resistance at 134.62 and more importantly a break above resistance at 135.26.

That said, we also have to acknowledge, that as long as minor resistance at 134.62 is able to cap the upside we could see GBP/JPY move slightly lower admit a limited downside potential.

R3: 135.82

R2: 135.26

R1: 134.62

Pivot: 134.28

S1: 133.84

S2: 133.62

S3: 133.45

Trading recommendation:

We are long GBP from 134.75

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