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08.08.201907:21 Forex Analysis & Reviews: Elliott wave analysis of GBP/JPY for August 8 - 2019

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We have not seen any development in the last 24 hours. GBP/JPY remains locked in a narrow band from 128.14 to 130.23. As long as the short-term important resistance at 130.23 is able to cap the upside. A final dip to our ideal target at 127.93 still can be seen, but from here or upon a direct break above 130.23 and new long-term impulsive rally is expected.

In the medium-term, a break above resistance at 132.70 will confirm that a long-term low is in place and a new impulsive rally that ultimately should take us above 148.48 is developing.

R3: 131.62

R2: 130.73

R1: 130.23

Pivot: 129.60

S1: 128.87

S2: 128.49

S3: 128.09

Trading recommendation:

We will buy GBP at 128.05 or upon a break above 130.23

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