Elliott wave analysis of GBP/JPY for December 7, 2020

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GBP/JPY is trying to rise above 140.32. Uncertainty in regards to the final Brexit negotiation is held GBP flat and failed negotiation will likely push the GBP lower towards the strong support at 137.17 before the next real push higher through resistance at 140.32 towards the former peak at 147.72.

R3: 140.32

R2: 139.87

R1: 139.52

Pivot: 138.97

S1: 138.30

S2: 137.70

S3: 137.17

Trading recommendation:

Our stop at 139.00 was hit for a nice profit of 165 pips. We will sell GBP at 139.85 or upon a break below 138.97 for a dip to 137.17.

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