Elliott wave analysis of GBP/JPY for November 30, 2020
GBP/JPY has corrected to a low of 138.30 which is more than enough to set GBP/JPY up for the next push higher towards 139.84 and 140.32 on the way higher to the former peak at 142.72 and ultimately above here too.
A break above minor resistance at 138.88 will confirm the completion of the minor correction from 139.84 and a new impulsive rally being in motion.
Support is now seen at 138.30 and then at 138.00.
We are long GBP with an average of 138.35 and we have our stop placed at 137.95
The material has been provided by InstaForex Company – www.instaforex.com