FX.co ★ Elliott wave analysis of GBP/JPY for February 1, 2021

GBP/JPY has rallied nicely and is currently testing the channel resistance-line near 144.00. After a temporary consolidation more upside pressure remains expected towards 147.96 as the next upside target.

Support is now seen at 143.28 and 142.97 with key support at 142.20. The later will ideally be able to protect the downside for a continuation higher to 147.96 and above.

R3: 145.61

R2: 144.96

R1: 144.00

Pivot: 143.65

S1: 143.00

S2: 142.95

S3: 142.65

Trading recommendation:

We are long GBP from 142.27 with our stop at 142.15