Elliott wave analysis of GBP/JPY for January 13, 2020

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Resistance at 143.46 protected the upside as expected and we are now looking for a clear break below support at 142.38 to confirm renewed downside pressure towards 140.81 on the way towards 139.25 and the ideal target at 137.57.

We see resistance at 143.08 and strong resistance at 143.46, which is expected to cap the upside.

R3: 143.46

R2: 143.08

R1: 142.95

Pivot: 142.55

S1: 142.38

S2: 141.99

S3: 141.50

Trading recommendation:

We are short-GBP from 143.03 with our stop placed at 144.25. Upon a break below 142.38 we will lower our stop to 143.50.

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