Elliott wave analysis of GBP/JPY for November 12, 2020

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GBP/JPY is currently a minor correction that most likely will lead to support in the 138.16 - 138.30 area for the next impulsive rally higher to the former peak at 142.72 and ultimately a break above here is expected too.

If, however, support at 138.16 is broken, we see back-up support at 137.69 that should halt the correction from 140.32 and turn prices higher again through minor resistance at 139.43 for the rally higher towards 142.72.

R3: 139.72

R2: 139.47

R1: 139.02

Pivot: 138.97

S1: 138.55

S2: 138.30

S3: 138.16

Trading recommendation:

We are long GBP from 135.45 with our stop placed at 137.45

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