Elliott wave analysis of GBP/JPY for March 15, 2021

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GBP/JPY broke below minor support at 151.25 Friday indicating that blue wave v/ and blue wave iii had peaked and blue wave iv is in motion. We will be looking for a corrective decline to at least 150.72, but it could extend lower towards the bottom of blue wave iv/ at 147.54, but for now look for at dip to 150.72 and let's see what the charts show at that point.

Resistance is now seen at 152.36 and the at 152.54.

R3: 152.75

R2: 152.54

R1: 152.14

Pivot: 151.82

S1: 151.68

S2: 151.34

S3: 151.00

Trading recommendation:

Our stop at 151.25 was hit for a nice 200 pip profit. We will look for a new buying opportunity

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

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