Elliott wave analysis of GBP/JPY for April 17, 2019

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The uptrend from 131.55 remains firmly in place. We expect support at 145.90 at most. 145.50 will be able to protect the downside for the renewed upside pressure through resistance at 147.00 that will call for a continuation towards 148.50 on the way to 151.50.

A break below 145.50 will be of concern, but only a break below 144.90 will shift the bias towards the downside.

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