Elliott wave analysis of GBP/JPY for February 8, 2021

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We have seen the expected rally into the 144.71 - 145.18 target-area. From here we will be looking for a minor correction close to the former corrective low at 142.84 before renewed upside pressure towards 147.96 and ultimately above here too.

Short-term a break below minor support at 144.39 will indicate green wave iii is complete and the expected correction in green wave iv is unfolding towards 142.84.

R3: 145.99

R2: 145.60

R1: 145.18

Pivot: 144.73

S1: 144.39

S2: 144.18

S3: 143.94

Trading recommendation:

We are long GBP from 142.27 and we will take 50% profit here at 144.85 for a nice 258 pips profit. We will re-buy 50% GBP at 143.00.

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

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