FX.co ★ Elliott wave analysis of GBP/JPY for March 12, 2021

GBP/JPY has almost hit our extension target at 152.54 (the high has been seen at 152.14). As long as minor support at 151.34 is able to protect the downside we will continue to look for slightly more upside closer to our ideal 152.54 target. This should complete blue wave v/ and iii and set the stage for a temporary correction towards 150.70 before the next upside pressure is expected towards 153.63 and 156.61 as the next upside targets.

R3: 152.75

R2: 152.54

R1: 152.14

Pivot: 151.82

S1: 151.68

S2: 151.34

S3: 151.00

Trading recommendation:

We are long GBP from 149.25 and we will move our stop higher to 151.25 and keep our stop-profit at 152.25