Elliott wave analysis of GBP/JPY for February 11, 2019

analytics5c610c4e14797.png

The corrective decline from 144.84 as extended in time and points, but it look as wave iv/ completed with the dip to 141.10 and wave v/ higher towards 151.10 is ready to take over. Short-term a break above minor resistance at 142.63 will be a strong indication that wave iv/ has completed and wave v/ higher is developing. A break above resistance at 144.18 will confirm wave v is developing towards the 161.8% extension target for wave iii at 151.10.

Only an unexpected break below 141.10 will reinstate wave iv/ and call for a deeper correction towards 140.60 before completing.

R3: 144.18

R2: 143.13

R1: 142.63

Pivot: 141.85

S1: 141.10

S2: 140.60

S3: 140.03

Trading recommendation:

We will buy a break above resistance at 142.63.

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