Elliott wave analysis of GBP/JPY for December 14, 2020

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GBP/JPY dipped to a low of 136.76. Slightly below the expected 137.17. It does not change the larger picture calling for more upside pressure through minor resistance at 140.33 and more importantly through resistance at 140.71 for a continuation higher to 142.72 and above.

In the short-term, we see support at 138.27 and then at 138.05.

R3: 140.33

R2: 139.63

R1: 139.17

Pivot: 138.88

S1: 138.43

S2: 138.27

S3: 138.05

Trading recommendation:

We took profit on our short-position from 138.95 at 137.25 for a nice 170 pips profit. We will re-buy GBP at 138.10 or upon a break above 139.02.

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