Elliott wave analysis of GBP/JPY for April 16, 2019

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After a nice run higher from 144.90 GBP/JPY is consolidating. We expect support near 145.95 will be able to protect the downside for renewed upside pressure, through minor resistance at 145.63 and more importantly a break above resistance at 147.00 that will call for a continuation towards 148.50 on the way towards 151.50.

R3: 147.00

R2: 146,63

R1: 146.30

Pivot: 145.95

S1: 145.63

S2: 145.30

S3: 144.90

Trading recommendation:

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

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