FX.co ★ Elliott wave analysis of GBP/JPY for March 4, 2021

GBP/JPY has cleared minor resistance at 149.17, but without the real conviction we where looking for. That said, we will continue to look for more upside progress as long as minor support at 148.10 is able to protect the downside. The first minor upside target is seen at the former peak at 150.44, but more upside is expected towards 156.60 and ultimately above here too.

Support is now seen at 149.17 and short-term key support is seen at 148.10 a break below the later will call for a re-test of the 147.37 and possibly slightly below here this time before the next real push higher through resistance at 150.44.

R3: 150.75

R2: 150.44

R1: 149.86

Pivot: 149.17

S1: 148.92

S2: 148.58

S3: 148.10

Trading recommendation:

We are long GBP from 149.25 and we will place our stop at 148.05