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

We continue to look for more consolidation and a dip to 137.17 before the next push higher through 140.37 towards the former peak at 142.70. GBP/JPY is currently testing solid support at 138.25 and after a minor reaction to 138.88 renewed downside pressure through support at 138.25 is expected for a dip to 137.17.

Resistance is currently seen at 138.88 and again at 139.31

R3: 139.65

R2: 139.31

R1: 138.88

Pivot: 138.64

S1: 138.25

S2: 137.79

S3: 137.17

Trading recommendation:

We are short GBP from 138.95 with our stop placed at 139.95. We will take profit at 137.25