Elliott wave analysis of GBP/JPY for January 13, 2021

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Patience pays off and GBP/JPY is finally on the move again towards the 142.72 target. The resistance at 142.70 could cause a temporary minor set-back, but ultimately we expect the 142.70 target to be broken for a continuation higher towards 156.61 as the next major upside target.

Ideally support at 141.22 will be able to protect the downside as GBP/JPY gathers upside momentum as starts accelerating, but only an unexpected break below key-support at 140.31 will cause a revision of our bullish outlook.

R3:142.72

R2: 142.35

R1: 142.03

Pivot: 141.51

S1: 141.22

S2: 140.83

S3: 140.31

Trading recommendation:

We are long GBP from 140.71 and we have moved our stop higher to 140.25

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