FX.co ★ Elliott wave analysis of GBP/JPY for January 29, 2019

GBP/JPY is now testing support at 143.40 ideally this support will be able to protect the downside for a continuation higher to 146.10 and onwards to the 161.8% extension target at 151.90.

Should support at 143.40 be broken, the key support is seen at 142.69, which must hold firm to keep the current count as the preferred count.

R3: 146.10

R2: 145.30

R1: 144.84

Pivot: 144.31

S1: 143.40

S2: 142.69

S3: 141.92

Trading recommendation:

We are long GBP from 140.90 with our stop placed at 142.50