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

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GBP/JPY has seen a strong impulsive rally off the 143.69 low indicating more upside pressure to come, after a minor corrective decline. Ideally we will see minor support at 145.96 be able to protect the downside for the next push higher to 148.57 on the way towards 151.54.

Should minor support at 145.96 give away, we could see the corrective decline continue lower to 145.25 before the next push higher.

R3: 149.40

R2: 148.57

R1: 147.81

Pivot: 149.29

S1: 146.99

S2: 146.63

S3: 145.96

Trading recommendation:

We bought GBP at 144.73 and we will keep our stop at 143.60 for now.

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