FX.co ★ Elliott wave analysis of GBP/JPY for November 26 - 2019

The GBP/JPY pair has rallied as expected and broken through the corrective downtrend line from 141.57. In the short-term, we could see a minor set-back close to 139.75 before the next rally higher through resistance at 140.73. A break should accelerate the rally towards 143.19 and 144.58.

The support level is see at 140.03 and strong support at 139.75.

R3: 141.58

R2: 141.10

R1: 140.73

Pivot: 140.51

S1: 140.03

S2: 139.75

S3: 139.47

Trading recommendation:

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