Elliott wave analysis of GBP/JPY for Jan 21, 2020

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GBP/JPY is trading in a very narrow range between 142.82 and 143.38. We expect a final move to just above 143.38 and then a turn lower through support at 142.82 for the next downside pressure to 140.81 on the way lower to 139.25.

Short-term support at 142.82 is key for the next larger mover.

R3: 144.53

R2: 143.91

R1: 143.71

Pivot: 143.36

S1: 143.09

S2: 142.82

S3: 142.65

Trading recommendation:

We will sell GBP at 143.65 or upon a break below 142.82

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

Source:: Elliott wave analysis of GBP/JPY for January 21 – 2020

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