Elliott wave analysis of GBP/JPY for September 11, 2019

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Despite GBP/JPY exceeding our target for wave b of the expanded flat near 132.65 we continue to look for wave c developing soon for a decline towards 129.41 before the next impulsive rally higher towards 135.40.

Short-term a break below minor support at 132.74 will indicate wave b being complete and wave c developing towards 129.41.

R3: 134.34

R2: 133.82

R1: 133.50

Pivot: 132.96

S1: 132.74

S2: 132.59

S3: 132.13

Trading recommendation:

We are looking for a GBP buying opportunity near 129.50.

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