Elliott wave analysis of GBP/JPY for January 27, 2021

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GBP/JPY only dipped to 141.76 before moving higher through the ascending triangle resistance at 142.26 for a continuation higher towards 142.75 and above towards 143.78 and 144.96 as the next minor upside targets.

A break above 142.75 will add upside momentum.

Only an unexpected break below 141.25 will indicate a temporary top for a dip to 137.20.

R3: 144.96

R2: 143.78

R1: 142.75

Pivot: 142.26

S1: 141.68

S2: 141.25

S3: 141.07

Trading recommendation:

We re-bought GBP at 142.27 and we have placed our stop+revers at 141.25

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