FX.co ★ Elliott wave analysis of GBP/JPY for November 6 - 2019

As long as key-resistance at 140.74 is able to cap the upside, we can expect more downside pressure towards 138.64. It is likely to advance to 137.74 in order to complete the correction in blue wave ii. Once this correction is complete renewed strength is expected for a rally towards 144.98 and much higher in the long-term.

Only a direct break above 140.74 will indicate completion of the correction and the beginning of a new impulsive rally to 144.98.

R3: 141.58

R2: 141.15

R1: 140.74

Pivot: 140.35

S1: 140.21

S2: 139.74

S3: 139.26

Trading recommendation:

We will buy GBP at 137.85 or upon a break above 140.74