FX.co ★ Elliott wave analysis of GBP/JPY for January 29 - 2020

After a minor corrective rally to 142.73, GBP/JPY is likely to move lower to 140.80 and ideally into the 139.29 - 139.83 target-zone to complete wave C of iv. It is expected also to set the stage for a new rally to above 147.95.

Minor support is now seen at 141.90 and this support will protect the downside for the expected push to 142.73 from where it will decline to 140.80.

R3: 143.00

R2: 142.73

R1: 142.48

Pivot: 142.05

S1: 141.79

S2: 141.46

S3: 141.22

Trading recommendation:

We are short GBP from 143.95 and we will move our stop to break-even.