Elliott wave analysis of GBP/JPY for November 27, 2020

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GBP/JPY is currently consolidating before the next push higher towards minor resistance near 140.32 and a break above here will call for a continuation higher to the former peak at 142.72.

Short-term we see support in the 138.65 - 138.72 area which is expect to act as a floor for the next push higher thorugh minor resistance at 139.84 and 140.32.

R3: 140.32

R2: 139.84

R1: 139.29

Pivot: 139.10

S1: 138.91

S2: 138.72

S3: 138.65

Trading recommendation:

We are 50% long from 137.95 and we have our stop placed at break-even. We will re-buy 50% GBP at 138.75 or upon a break above 139.29.

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