Elliott wave analysis of GBP/JPY for October 22, 2020


GBP/JPY moved above short-term key-resistance at 137.25. It calls for more upside pressure towards 137.88 on the way higher to 140.20 as the next target. The former resistance at 137.25 will now act as support. GBP/JPY continues to move higher.

Support is seen at 137.25 and then at 137.02.

R3: 139.17

R2: 138.40

R1: 137.68

Pivot: 137.46

S1: 137.25

S2: 137.02

S3: 136.81

Trading recommendation:

We are long GBP from 135.45 and we will raise our stop to 136.25.

The material has been provided by InstaForex Company - www.instaforex.com
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