FX.co ★ Elliott wave analysis of GBP/JPY for January 21, 2021

GBP/JPY peaked at 142.34 before the expected correction into the support-area between 141.06 - 141.29 was seen. GBP/JPY saw a perfect test of the bottom of this support-area and should now be headed higher again to above the minor peak at 142.34 as the underlying uptrend gathers upside momentum.

Short-term solid support is seen at 141.40 with key-support seen at 140.33.

R3: 142.34

R2: 142.01

R1: 141.80

Pivot: 141.73

S1: 141.61

S2: 141.40

S3: 141.21

Trading recommendation:

We are long GBP from 140.71 and we have moved our stop higher to 141.00