Elliott wave analysis of GBP/JPY for January 21, 2019

analytics5c456057c8027.png

GBP/JPY is expected to move higher towards 151.90 as long as it holds above key support at 139.43. Ideally minor support at 140.71 will be able to protect the downside for a break above 141.22 and more importantly above resistance at 141.78 that confirms the next push higher towards 143.81 and 145.17 as the next hurdles on the way higher.

Only a break below key support at 139.43 will force a recount of the rally from 130.70.

R3: 143.81

R2: 142.71

R1: 142.00

Pivot: 141.76

S1: 140.92

S2: 140.71

S3: 140,26

Trading recommendation:

We are long GBP from 140.90 with our stop placed at 139.40.

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