Elliott wave analysis of GBP/JPY for December 2, 2020


GBP/JPY is currently testing resistance at 140.32. A break above here will call for a continuation towards the former peak at 142.72 and ideally closer to 143.41 as the next upside targets. Short-term solid support is now seen at 139.87 which ideally will act as a floor for the next push higher towards the 142.72 peak. If the pair breaks through the level of 139.87, it may find support at 139.54.

R3: 142.08

R2: 141.40

R1: 140.67

Pivot: 140.32

S1: 139.87

S2: 139.54

S3: 139.37

Trading recommendation:

We are long GBP from 138.35 and we will raise our stop to 139.00

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