Elliott wave analysis of GBP/JPY for January 27 - 2020

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GBP/JPY has followed the expected path lower through support at 142.94. This adds renewed downside pressure towards 140.80and towards support in the 139.29 - 139.83 target-zone.

In the short term, we could see a minor correction to retest the former support at 142.94 which is now acting as resistance before renewed downside pressure towards 140.80 and the way lower.

R3: 143.53

R2: 143.20

R1: 142.94

Pivot: 142.56

S1: 142.19

S2: 141.61

S3: 141.08

Trading recommendation:

We are short GBP from 143.95 and we have moved our stop lower to 144.45.

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