Elliott wave analysis of GBP/JPY for March 28, 2019

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It's disappointing at support at 145.00 has failed to protect the downside and it does increase the risk for more downside pressure towards 141.00 if a break below key-support at 144.13 also is seen.

Minor resistance is now seen at 145.50 and only a break above here will ease the downside pressure and call for a rally to 146.50 which needs to be broken to lift the spirit for this cross.

R3: 147.31

R2: 146.50

R1: 146.00

Pivot: 145.00

S1: 144.50

S2: 144.13

S3: 143.72

Trading recommendation:

We will sell a break below 144.13 or buy a break above 145.50

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