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15.01.201907:56 Forex Analysis & Reviews: Elliott wave analysis of GBP/JPY for January 15, 2019

Long-term review

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Key support at 137.59 remains intact, but GBP/JPY looks like it has lost the upside momentum for now and a correction in wave ii is developing. Under this count, we should see resistance at 140.88 hold firm for a break below key support at 137.59 for a decline into the corrective target-area between 134.04 – 135.17 before the next impulsive rally will be ready to take over.

Be aware of today's Brexit vote in the UK Parliament, as the swings could be larger than normal.

R3: 141.47

R2: 140.88

R1: 140.43

Pivot: 139.76

S1: 139.52

S2: 139.14

S3: 138.55

Trading recommendation:

We are looking for a buying opportunity in the 134.04 - 135.07 area

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