Elliott wave analysis of GBP/JPY for March 15, 2019

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GBP/JPY is consolidating in a minor triangle and should ultimately push higher once this consolidation is complete. This should take us closer to the 151.50 target and ultimately above here too.

Support is now seen at 147.60 and with back-up support at 147.36. Support at 147.36 must protect the downside or the triangle will turn out to be a B-wave triangle calling for a dip to 146.25 before turning higher again.

R3: 150.52

R2: 149.50

R1: 148.63

Pivot: 147.50

S1; 147.36

S2: 146.81

S3: 146.30

Trading recommendation:

We are long GBP from 144.80 and we will move our stop higher to 147.35.

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