Elliott wave analysis of GBP/JPY for November 12, 2020
GBP/JPY is currently a minor correction that most likely will lead to support in the 138.16 – 138.30 area for the next impulsive rally higher to the former peak at 142.72 and ultimately a break above here is expected too.
If, however, support at 138.16 is broken, we see back-up support at 137.69 that should halt the correction from 140.32 and turn prices higher again through minor resistance at 139.43 for the rally higher towards 142.72.
We are long GBP from 135.45 with our stop placed at 137.45
The material has been provided by InstaForex Company – www.instaforex.com