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17.01.202007:50 Forex Analysis & Reviews: Elliott wave analysis of GBP/JPY for January 17 - 2020

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GBP/JPY broke above key resistance at 143.50 indicating that a premature bottom has been found at 140.82 and renewed upside pressure should be expected towards 149.00 as the minimum target for wave v. This rally should complete the first impulsive rally from the August 2019 low at 126.52 and pave the way for the largest correction in this uptrend. The first target to look for is the bottom of wave iv at 140.82, but an even larger correction can not be excluded, but for now, we will stay focused towards the upside for a rally towards at least 149.00.

R3: 145.75

R2: 145.43

R1: 145.04

Pivot: 144.23

S1: 143.90

S2: 143.50

S3: 143.20

Trading recommendation:

Our stop at 143.50 was hit for a 45 pip loss. We bought GBP at 143.60 and have placed our stop at 143.20.

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