Elliott wave analysis of GBP/JPY for January 24, 2019

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GBP/JPY has rallied nice of the 140.63 low and will ideally stay above minor support at 142.22 for a continuation higher to 143.94 and 146.10 as the next hurdles on the way towards the 161.8% extension target of wave i at 151.90.

Key support has now move higher to 141.65 which should protect the downside at any time.

R3: 146.10

R2: 145.00

R1: 143.94

Pivot: 143.56

S1: 142.94

S2: 142.37

S3: 142.04

Trading recommendation:

We are long GBP from 140.90 and we will raise our stop to 141.50.

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