Elliott wave analysis of GBP/JPY for Nov 29, 2019

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GBP/JPY is still consolidating just below resistance at 141.58 but it should just be a matter of time before this resistance is taken out for a continuation higher towards 143.19 and 144.58 as the next upside targets.

Short-term support is seen at 141.36 and then at 140.90. We expect the later support to protect the downside for a clear break above 141.58.

R3: 142.57

R2: 142.14

R1: 141.74

Pivot: 141.58

S1: 141.36

S2: 140.90

S3: 140.61

Trading recommendation:

We are long GBP from 140.12 with our stop placed at 139.85

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

Source:: Elliott wave analysis of GBP/JPY for November 29 – 2019

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