FX.co ★ Elliott wave analysis of GBP/JPY for January 25, 2021

We see a nice ascending triangle shaping up and it calls for a break above resistance at 142.25 for a continuation towards 143.50 and ultimately higher towards 145.80 and 147.96 as the next upside targets.

Short-term support is seen at 141.86 and short-term key-support is seen at 141.56. A break below the later will delay the expected break-out for an extended dip closer to 140.34 before higher again.

R3: 144.33

R2: 143.50

R1: 142.75

Pivot: 142.25

S1: 142.01

S2: 141.85

S3: 141.56

Trading recommendation:

We are long GBP from 140.71 and we have moved our stop higher to 141.50.