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17.09.201906:42 Forex Analysis & Reviews: Elliott wave analysis of GBP/JPY for September 17, 2019

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We continue to look for a deeper correction in red wave ii towards 130.78 before the next impulsive rally higher towards 137.60 in red wave iii.

On a short term basis, a break below minor support at 133.86 and more importantly a break below support at 133.28 will confirm more downside pressure towards at least 132.18 and ideally closer to 130.78 before the next impulsive rally should be ready to unfold.

R3: 137.69

R2: 136.32

R1: 135.40

Pivot: 133.86

S1: 133.28

S2: 132.18

S3: 130.78

Trading recommendation:

We continue to look for a GBP buying opportunity near 131.15

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