FX.co ★ Elliott wave analysis of GBP/JPY for February 15, 2021

There was no time for the correction in green wave iv/ to evolve into a larger sideways correction and with the clear break above resistance at 144.94 GBP/JPY is already on the way higher to the first possible target for green wave v/ seen at 146.64, with the potential to continue higher towards 147.28 and 147.92. Once green wave v/ runs out of steam a new sideways correction towards 144.95 should be expected.

Support is now seen at 145.35 and then at 144.95.

R3: 147.28

R2: 146.64

R1: 146.39

Pivot: 145.92

S1: 145.75

S2: 145.35

S3: 144.95

Trading recommendation:

We are long 50% GBP from 142.27 and we will move our stop higher to 145.20