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26.05.202006:58 Forex Analysis & Reviews: Elliott wave analysis of GBP/JPY for May 26, 2020

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The break out of the descending chanal from 132.51 indicates that the alternate bullish count could be in play here. We still need more evidence to confirm this is actually the case. If it's the case, then we will see a break above minor resistance at 131.95 and more importantly a break above resistance at 133.19. If a break above 133.19 occurs, we should expect a rally to 135.50 and higher to 147.95.

If the bullish scenario seems more likely, we should in case have a bearish count that is a final dip below 123.99. However, this count has been put on standby by the break to the upside of the descending chanal. So far, we are looking for confirmation - up or down?

R3: 132.51

R2: 132.18

R1: 131.95

Pivot: 131.57

S1: 131.34

S2: 131.03

S3: 130.64

Trading recommendation:

We will buy a break above 131.95 or sell a break below 129.25

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