Elliott wave analysis of GBP/JPY for January 28, 2019

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GBP/JPY continues to rally as expected. It respects the uptrend from 130.70 nicely and the next upside target to look for is seen at 146.10 as wave iii extends to the 161.8% extension target of wave i at 151.90.

Support is now seen at 143.40 with key support at 142.69.

R3: 146.10

R2: 145.30

R1: 144.84

Pivot: 144.47

S1: 144.08

S2: 143.79

S3: 143.40

Trading recommendation:

We are long GBP from 140.90 and we will keep our stop at 142.50 for now.

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