FX.co ★ Elliott wave analysis of GBP/JPY for March 30, 2021

GBP/JPY has rallied nicely form support at 148.89 and should move slightly higher to test the former top at 152.55 from where a second decline closer to 148.89 should be expected to complete the correction in red wave iv/ and set the stage for a new impulsive rally in red wave v/ towards 153.88 and likely even closer to resistance at 156.60 before completing red wave v/ and red wave iii.

R3: 152.55

R2: 151.83

R1: 151.56

Pivot: 150.96

S1: 150.52

S2: 150.20

S3: 149.85

Trading recommendation:

We tool profit on longs from 148.78 and 150.00 for a nice profit of 122 pips and are looking for the possibility to short GBP again at 152.25