14.01.202113:53 Forex Analysis & Reviews: Elliott wave analysis of GBP/JPY for January 14, 2020

Exchange Rates 14.01.2021 analysis

After a nice push higher GBP/JPY is currently in a small consolidation before the next impulsive push higher towards 142.72 and ultimately above here too for a continuation higher to 147.96 as the next major upside target.

Key-support remain seen at 140.31, but we doubt that support at 141.24 will be broken if tested.

R3: 142.72

R2: 142.35

R1: 142.03

Pivot: 141.55

S1: 141.24

S2: 140.93

S3: 140.31

Trading recommendation:

We are long GBP from 140.71 with our stop placed at 140.25

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Torben Melsted,
Analytical expert
InstaForex Group © 2007-2021
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