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12.11.201908:03 Forex Analysis & Reviews: Elliott wave analysis of GBP/JPY for November 12, 2019

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As expected, GBP/JPY stayed well above short-term key support at 138.87 for another run towards short-term key resistance at 140.55. This resistance will likely protect the upside for another minor dip close to 139.54 before actually taking off through short-term key resistance at 140.55 towards 144.58 and much higher in the longer term.

Keep an eye on the short-term key resistance at 140.55 as it is the line in the sand between the next impulsive rally higher or more sideways correction.

R3: 141.50

R2: 141.00

R1: 140.74

Pivot: 140.55

S1: 140.12

S2: 139.85

S3: 139.54

Trading recommendation:

We are long GBP from 140.12 with our stop placed at 138.75. If you are not long GBP yet, then buy a break above 140.55 and keep you stop at 139.40

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