FX.co ★ Elliott wave analysis of GBP/JPY for December 17, 2020

GBP/JPY has rallied nicely from the corrective low of 136.76and more upside progress towards 142.72 is expected in the days/weeks to come, but ultimately much higher levels remains expected. Short-term support is seen at 139.83 and then at 139.49. Ideally the later will be able to protect the downside for more upside pressure through140.33 towards 142.72.

R3:141.00

R2: 140.71

R1:140.33

Pivot: 140.07

S1: 139.83

S2: 139.49

S3: 139.33

Trading recommendation:

We are long GBP from 139.03 with our stop placed at 138.20