FX.co ★ Elliott wave analysis of GBP/JPY for October 21, 2020

We continue to look for key-support at 136.41 to be able to protect the donwiside for a clear break above the next resistance at 137.20 for the next impulsive rally higher towards 137.88 and 140.20 as the next upside targets.

Short-term key support is seen at 136.41 which should continue to protect the downside. We might see short-term penetation below this support.

R3: 137.88

R2: 137.20

R1: 136.78

Pivot: 136.54

S1: 136.41

S2: 136.22

S3: 135.82

Trading recommendation;

We are long GBP from 135.45 and we have our stop placed at 135.45.