FX.co ★ Elliott wave analysis of GBP/JPY for November 30, 2020

GBP/JPY has corrected to a low of 138.30 which is more than enough to set GBP/JPY up for the next push higher towards 139.84 and 140.32 on the way higher to the former peak at 142.72 and ultimately above here too.

A break above minor resistance at 138.88 will confirm the completion of the minor correction from 139.84 and a new impulsive rally being in motion.

Support is now seen at 138.30 and then at 138.00.

R3: 139.84

R2: 139.28

R1: 138.88

Pivot: 138.63

S1: 138.30

S2: 138.00

S3: 137.54

Trading recommendation:

We are long GBP with an average of 138.35 and we have our stop placed at 137.95