FX.co ★ Elliott wave analysis of GBP/JPY for November 25 - 2019

After breaking below support at 139.65, the correction in red wave iv shifted from a triangle to a double zig-zag correction. This change does not alter our overall bullish picture except prolonging red wave iv. We continue to look for more upside progress through minor resistance at 140.51 and a break above resistance at 140.74. It will confirm that the red wave v towards 144.58 is developing.

Support is now seen at 139.63 and strong support is at 139.30

R3: 140.74

R2: 140.51

R1: 140.02

Pivot: 139.86

S1: 139.63

S2: 1339.46

S3: 139.30

Trading recommendation:

We are long GBP from 140.12 with our stop placed at 139.30