Elliott wave analysis of GBP/JPY for January 10, 2019

GBP/JPY will remain in the uptrend as long as support at 137.59 is able to protect the downside. With this intact support, we continue to look for the renewed upside pressure through minor resistance at 138.60 for a continuation higher to 139.41 and the perfect target for the wave i near 140.96.

Only a break below support at 137.59 will indicate a premature top for the wave i and the fact that a corrective decline in the wave ii is developing towards 134.04.

R3: 139.91

R2: 139.25

R1: 138.60

Pivot: 138.13

S1: 137.95

S2: 137.59

S3: 137.07

Trading recommendation:

We are long EUR from 134.65 with our stop order placed at 137.50

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

Source:: Elliott wave analysis of GBP/JPY for January 10, 2019