FX.co ★ Elliott wave analysis of GBP/JPY for February 3, 2021

We have seen the expected consolidation just below the 144.10 and we should expect this consolidation to continue a little longer and look for a dip closer to minor support at 142.92 before the next push higher towards 147.96 and ultimately a lot higher.

Short-term we see support at 142.92 with key support at 142.20. The late should be able to act as a floor for the next strong push higher through the former peak at 144.10 towards 147.96

R3: 145.61

R2: 144.96

R1: 144.10

Pivot: 143.65

S1: 143.00

S2: 142.92

S3: 142.65

Trading recommendation:

We are long GBP from 142.27 with our stop placed at 142.15