Elliott wave analysis of GBP/JPY for January 28 - 2020

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GBP/JPY is consolidating before pushing lower towards 140.80 and ideally into the target-zone between 139.29 - 139.83 to complete wave C of iv and setting the stage for the new impulsive rally to above 147.95.

In the short term, we should expect resistance near 142.94 capping the upside for renewed downside pressure towards 140.80 and likely closer to the target-zone between 139.29 - 139.83.

R3: 143.53

R2: 143.20

R1: 142.94

Pivot: 142.56

S1: 142.19

S2: 141.61

S3: 141.08

Trading recommendation:

We sold GBP at 143.95 and have our stop placed at 144.45

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