FX.co ★ Elliott wave analysis of GBP/JPY for December 5 - 2019

GBP/JPY has edged higher after resistance at 141.74 was broken. The next major target to look for is 144.55. It is likely to mark the top of red wave v and black wave iii and set the stage for a prolonged correction in black wave iv to the support-zone between 139.30 - 140.35. However, we should focus on the potential growth to 144.55.

R3: 144.55

R2: 143.87

R1: 143.28

Pivot: 142.80

S1: 142.44

S2: 142.16

S3: 141.71

Trading recommendation:

We look for GBP from 140.12, we will raise our stop to 141.50 and we will take profit at 144.45.