FX.co ★ Elliott wave analysis of GBP/JPY for January 20, 2021

GBP/JPY continues to push higher. It will likely meet a ceiling near 141.97 for a correction towards 141.29 and ideally closer to 141.06 before taking off again towards 142.72 and closer to the next major target at 147.96.

Key-support is seen at 140.33.

R3: 142.26

R2: 142.14

R1: 141.97

Pivot: 141.71

S1: 141.50

S2: 141.29

S3: 141.06

Trading recommendation:

We are long GBP from 140.71 with our stop placed at 140.30