Elliott wave analysis of GBP/JPY for February 27 - 2019

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GBP/JPY continues to move lower as expected. Key-support at 132.10 has almost been tested and we are likely to see a second test soon. We do expect the this key-support will reject the second test too for a correction into the 133.28 - 133.51 area before a successful test through key support at 132.10 should be expected for a dip to 130.78.

Only a direct break above 134.61 will confirm that red wave ii is complete and red wave iii higher towards 139.20 is developing.

R3: 133.68

R2: 133.51

R1: 133.28

Pivot: 132.92

S1: 132.56

S2: 132.10

S3: 131.96

Trading recommendation:

We will buy GBP near 131.25 or upon a break above 134.61

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