#GBPJPY 4 HR Elliott Wave Update
Trade thoughts: Cautiously long against 135.59
Targets: Above 148.45 and possibly 163.89
The GBPJPY had a nice bounce today and MAY have bottomed at 135.59. The pair is currently trading around 137.00 and we should see some resistance here. I will be watching for a 50-61.8% retrace for a possible long against 135.59. A more conservative option would be to wait for the retrace and break of the highs.
GBPJPY 4 HR Elliott Wave Chart
|GBPJPY 4 HR Elliott Wave Chart|