Elliott wave analysis of GBP/JPY for March 27, 2019

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A series of new votes in the UK parliament today can add downside pressure, but we believe that support near 145.50 will be able to protect the downside for renewed upside pressure towards 148.50 and 151.50.

Only a break below 144.60 will shift the bias towards the downside for a decline towards 141.00.

R3: 147.79

R2: 147.31

R1: 146.46

Pivot: 146.00

S1: 145.50

S2: 145.00

S3: 144.60

Trading recommendation:

Our stop at 146.00 was hit for a nice 140 pips profit. We will re-buy GBP upon a break above 146.46. If done we will place our stop at 145.46.

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