Elliott wave analysis of GBP/JPY for February 14, 2019

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GBP/JPY dipped slightly below the ideal support at 142.63 (the low was seen at 142.44). Renewed upside pressure is is now expected for a break above resistance at 143.34 that will yield a continuation higher to 144.18 and 144.84 on the way towards the extension target at 151.50.

Support is now seen at 142.44 that should be able to protect the downside for the break above 143.34.

R3: 144.84

R2: 144.18

R1: 143.34

Pivot: 142.44

S1: 142.08

S2: 141.71

S3: 141.12

Trading recommendation:

We are long GBP from 146.65 with our stop placed at 141.65.

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