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31.03.2020 11:34 AM
Elliott wave analysis of GBP/JPY for March 31, 2020

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GBP/JPY has traded sideways in a narrow range the last 24 hours. The range-trading between 132.80 - 134.92 will likely be resolved in a final spike higher to just above 134.73 to complete the corrective rally in wave iv and set the stage for the final decline in wave v towards 123.04.

That said, a break below support at 132.67 will indicate that wave iv already has peaked and wave v i developing, while a break below support at 132.10 will confirm wave v being in motion.

R3: 135.50

R2: 135.05

R1: 134.73

Pivot: 134.30

S1: 133.45

S2: 132.67

S3: 132.10

Trading recommendation:

We sold GBP at 134.45 with our stop placed at 135.45

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