Elliott wave analysis of GBP/JPY for November 25, 2020

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GBP/JPY is now hovering just below minor resistance at 140.35 and this first target is expected to be tested before a temporary correction closer to 139.12 and the higher again through resistance at 140.35 towards the former peak at 142.72 and 144.58.

Support is now seen at 139.12 which is expected to be able to protect the downside.

R3: 141.04

R2: 140.35

R1: 139.82

Pivot: 139.47

S1: 139.12

S2: 138.93

S3: 138.68

Trading recommendation:

We are 50% long GBP form 137.95 and we have our stop placed at break-even at 137.95. We will re-buy 50% GBP at 138.60 if we get the possibility.

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