FX.co ★ Elliott wave analysis of GBP/JPY for February 16, 2021

GBP/JPY continues to push higher and is currently testing resistance at 147.28 and could as long as minor support at 146.36 is able to protect the downside continue higher to resistance at 147.91. We are looking for a temporary top in the 147.28 - 147.91 area for a correction closer to 145.12 before the next push higher towards 156.62 as the next upside target.

A break below minor support at 146.36 will indicate a temporary top is in place for a dip close to 145.12 from where the next move higher should be expected.

R3: 148.87

R2: 148.23

R1: 147.91

Pivot: 147.28

S1: 146.66

S2: 146.36

S3: 145.95

Trading recommendation:

We are long 50% GBP from 142.27 and we will move our stop higher to 146.30.