FX.co ★ Elliott wave analysis of GBP/JPY for November 11, 2020

GBP/JPY has rallied and more upside progress towards the former peak at 142.72 is expected. In the short-term, we should expect a minor set-back towards support near 138.25, but this minor corrective set-back should only prove temporary and set the stage for the next impulsive push higher towards 141.18 and 142.72 on the way higher towards 156.61.

Support is seen at 139.10 with solid support near 138.25.

R3: 141.18

R2: 140.46

R1: 140.03

Pivot: 139.72

S1: 139.10

S2: 138.75

S3: 138.25

Trading recommendation:

We are long GBP from 135.45 and we will raise our stop to 137.45