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

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GBP/JPY has corrected towards the 50% corrective target at 137.68 and we see a clear loss of downside momentum. It means that the pair may reach a corrective low. To resume the upward movement, the pair needs to break above minor resistance at 138.13 and more importantly, resistance at 139.06, as that will confirm the next impulsive rally higher towards the former peak at 142.72 and beyond.

R3: 138.70

R2: 138.59

R1: 138.13

Pivot: 137.75

S1: 137.68

S2: 137.40

S3: 137.06

Trading recommendation:

We are long GBP from 135.45 and we have placed our stop at 137.45

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