FX.co ★ Elliott wave analysis of GBP/JPY for January 26, 2021

We where looking for a break out of the ascending triangle towards the upside at 142.26, but instead we have seen the triangle support-line near 141.85 break indicating a return to support at 140.34 as green wave turns into something more complicated.

Only a direct break above resistance at 142.26 will re-claim the upside pressure towards 142.75 and above.

R3: 142.26

R2: 141.95

R3: 141.64

Pivot: 141.54

S1: 141.29

S2: 141.05

S3: 140.40

Trading recommendation:

Our stop at 141.50 was hit for small profit of 79 pips. We will rebuy GBP at 141.10 or upon a break above 142.26