FX.co ★ Elliott wave analysis of GBP/JPY for November 27 - 2019

We have seen the expected set-back from minor resistance at 140.90. The pair may move a little lower to 139.75 if it breaks above minor resistance at 140.90. Once this resistance is broken, the pair is likely to hit 143.19 on the way higher to 144.58.

R3: 141.58

R2: 140.10

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. If you are not long GBP yet, then buy near 139.75 or upon a break above 140.90 and use the same stop.