Elliott wave analysis of GBP/JPY for February 5, 2021

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GBP/JPY continues to push higher as expected. After a dip to 142.84 (a little lower that our ideal 142.92) GBP/JPY started to rally again and broke above the former peak at 144.10 for a continuation towards the minor green wave v/ target between 144.70 - 145.15. Once green sub-wave v/ completes we should see another corrective set-back close to 142.84, but to secure the base for the next impulsive rally towards 147.96 and ultimately above here too.

Support is now seen at 143.96.

R3: 145.99

R2: 145.60

R1: 145.14

Pivot: 144.70

S1: 144.23

S2: 143.96

S3: 143.67

Trading recommendation:

We are long GBP from 142.27 and we will move our stop higher to 142.75

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

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