Elliott wave analysis of GBP/JPY for February 13, 2019

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GBP/JPY has now broken above minor resistance at 142.63 confirming that wave iv/ completed with the test of 141.12 and wave v/ higher to 151.50 now is developing.

The first hurdle to look for is seen at 144.18, but a clear break above here will just add to our preferred count that wave v/ is unfolding and headed higher towards the 161.8% extension target for wave iii at 151.50.

Support is now seen at the former resistance at 142.63, which ideally will protect the downside for the rally to and above 144.18.

R: 144.84

R2: 144.18

R1: 143.13

Pivot: 142.63

S1: 142.33

S2: 141.85

S3: 141.12

Trading recommendation:

We bought GBP at 142.65 and we have placed our stop at 141.65

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