FX.co ★ Elliott wave analysis of GBP/JPY for December 1, 2020

GBP/JPY has recovered nicely from the corrective low of 138.25 and is currently testing minor resistance neqar 139.87 and a break above here, will open up for a continuation higher to the former peak at 142.72 and ultimately above here too for a rally towards 147.38, but for now let's see if a break above minor resistance at 139.87 can be mustard shortly.

Support is currently seen at 139.06 and again at 138.93

R3: 140.32

R2: 139.85

R1: 139.47

Pivot: 139.06

S1: 138.93

S2: 138.60

S3: 138.25

Trading recommendation:

We are long GBP from 138.35 and we will raise our stop to 138.20.