Elliott wave analysis of GBP/JPY for March 10, 2021


We continue to look for GBP/JPY to move closer to the 423.6 extension target near 152.54 to complete blue wave v and red wave iii/. Once red wave iii/ is complete a correction into the 150.21 - 150.37 are is expected.

Short-term support is seen near 150.37, which we expect will be able to protect the downside for the next push higher towards the expected 152.54 target.

R3: 152.54

R2: 152.00

R1: 151.60

Pivot: 150.99

S1: 150.85

S2: 150.37

S3: 150.21

Trading recommendation:

We are long GBP from 149.25 and we have our stop placed at 150.00. Stop-profit is placed at 152.25

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