Elliott wave analysis of GBP/JPY for February 20, 2019

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The break above key resistance at 143.03 confirmed that wave ii/ completed with the test of 141.00 and wave iii/ is developing. The next upside target to look for is seen at 146.02 and near 147.00 as wave iii/ makes it way higher towards the 161.8% extension target at 151.50.

Support is now seen in the 144.26 - 144.33 area and key support is seen at 143.36.

R3: 146.02

R2: 145.59

R1: 144.75

Pivot: 144.55

S1: 144.33

S2: 143.93

S3: 143.36

Trading recommendation:

Our stop+revers was hit at 143.10. We will protect our new long position with a stop at break-even at 143.10.

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