Elliott wave analysis of GBP/JPY for February 12, 2019

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Nothing really have changed here. After a day of narrow range-trading, we continue to look for a break above minor resistance at 142.63 to confirm that wave iv/ has completed and wave v/ higher towards 151.50 is developing.

That said, we need to be aware, that as long as minor resistance at 142.63 is able to cap the upside. A dip to below 142.12 can not be excluded, even though we think the odds for this outcome is very low.

R3: 144.18

R2: 143.13

R1: 142.63

Pivot: 141.85

S1: 141.12

S2: 140.60

S3: 140.03

Trading recommendation:

We will buy a break above 142.63 with our stop placed at 142.00

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