FX.co ★ Elliott wave analysis of GBP/JPY for January 18, 2019

The clear break above the resistance-area between 140.43 – 140.88 confirm wave ii having completed already at 137.37 and wave iii developing already. The first target to look for is seen at 143.81 but ultimately, we expect wave iii to rally higher to the 161.8% extension target of wave i at 151.90.

Support is now seen at 140.68 and key support is seen at 139.49.

R3: 144.11

R2: 143.22

R1: 142.36

Pivot: 141.54

S1: 140.88

S2: 140.43

S3: 139.49