Elliott wave analysis of GBP/JPY for January 19, 2021
The correction in green wave ii/ held nicely above short-term key support at 140.34. The following rally of the 140.36 low is strong a does look impulsive in nature indicating more upside pressure after a temporary set-back into the 140.81 – 140.96 support-area.
Ultimately we will be looking for a break above the former peak at 142.26 towards 147.96 and likely even closer to 156.23.
Only a break below 140.34 will call for a revision of our bullish outlook.
We are long GBP from 140.71 and we have moved our stop higher to 140.30.
The material has been provided by InstaForex Company – www.instaforex.com