FX.co ★ Elliott wave analysis of GBP/JPY for November 28 - 2019

GBP/JPY did not need a deeper correction before breaking above the resistance at 140.90 confirming the next impulsive leg higher towards 143.19 and 144.58. GBP/JPY is currently testing resistance at the former peaks at 141.58. It should just be a matter of time before this resistance is broken. The pair is likely to rise to 143.19.

Support is now seen at 141.36 and again at 140.90.

R3: 142.57

R2: 142.14

R1: 141.74

Pivot: 141.58

S1: 141.36

S2: 140.90

S3: 140.61

Trading recommendation:

We are long GBP from 140.12 and we will raise our stop to 139.85.