FX.co ★ Elliott wave analysis of GBP/JPY for January 23, 2019

GBP/JPY dipped to a low of 140.63 before moving higher again as expected. We are looking for upside acceleration towards the 145.17 and likely even closer to 147.71 as the next hurdles on the way towards 151.90 in wave iii.

Support is now seen at 141.35 with key support at 140.63, which should be able to protect the downside for the acceleration higher.

R3: 143.81

R2: 142.71

R1: 142.29

Pivot: 141.35

S1: 141.05

S2: 140.63

S3: 140.25

Trading recommendation:

We are long GBP from 140.90 and we will move our stop higher to 140.50.