Elliott wave analysis of GBP/JPY for March 8, 2019

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The failure to break back above minor resistance at 147.77 was disappointing for our bullish outlook. This does not mean, that our bullish view has been invalidated, but a less bullish alternate count, seems to be in the works.

Under this count, GBP/JPY will need to stay above support at 144.84 for a break above minor resistance at 146.18 to confirm the next impulsive rally higher to 148.57 and above.

A failure to stay above 144.84 will shift our count to a bearish outlook and call for more downside pressure towards 144.18 and maybe even closer to 141.41 - not our preferred outlook.

R3: 146.32

R2: 146.18

R1: 145.85

Pivot: 145.36

S1: 144.84

S2: 144.40

S3: 144.18

Trading recommendation:

Our stop at 146 was hit for a 285 pips profit. We will re-buy GBP upon a break above 145.85 and place our stop at 144.75.

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