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

analytics5cb4ac0f62424.png

We continue to look for a clear break above minor resistance at 147.00 for a continuation higher towards 148.50 on the way to 151.50.

Support is now seen at 146.25 which we expect will be able to protect the downside for a firm break above 147.00.

R3: 148.05

R2: 147.40

R1: 147.00

Pivot: 146.65

S1: 146.25

S2: 146.00

S3: 145.66

Trading recommendation:

We are long on GBP from 146.25 with our stop placed at 144.80.

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