Elliott wave analysis of GBP/JPY for November 17, 2020

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The failure to rally impulsive of the 137.52 low is of concern, but as long as the 137.52 low is able to protect the downside we will stay biased towards the bullish option for a new impulsive rally above minor resistance at 137.87 towards the former peak at 142.72 and much higher longer term.

A break below 137.52 will be of concern, but back-up support inform of the rising trend-line is seen near 136.25.

R3: 140.17

R2: 139.06

R1: 138.51

Pivot: 138.14

S1: 137.93

S2: 137.51

S3: 137.16

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