Elliott wave analysis of GBP/JPY for March 26, 2020

Trading 26 mar 2020 Donner votre avis

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We continue to monitor the rally from 123.99 as a wave iv correction that ideally will test resistance at 134.52 before turning lower through minor support at 129.84 for a final dip towards 123.04 to complete the decline from 144.62 and more importantly the decline from the 2018 peak at 156.61 and set the stage for a new multi-months rally.

For now, let's concentrate on the ongoing correction in wave iv. As long as minor support at 129.84 is able to protect the downside we will be looking for a final move closer to 134.52 before turning lower in wave v towards 123.04

R3: 134.52

R2: 133.38

R1: 132.52

Pivot: 131.14

S1: 129.84

S2: 129.08

S3: 127.96

Trading recommendation:

We are looking for GBP selling opportunity near 134.45

The material has been provided by InstaForex Company - www.instaforex.com

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