Elliott wave analysis of GBP/JPY for January 19, 2021

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Elliott wave analysis of GBP/JPY for January 19, 2021

Elliott wave analysis of GBP/JPY for January 19, 2021

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.

R3: 142.72

R2: 142.24

R1: 141.58

Pivot: 141.45

S1: 141.11

S2: 140.96

S3: 140.81

Trading recommendation:

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

Source : https://www.fx.co/forex_analysis/quickview/203225/