Elliott wave analysis of GBP/JPY for February 28, 2019

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GBP/JPY went rigth through resistance at 146.75 as was it not there. In addition, we see upside acceleration, which we did expect once this resistance was overcome. The next upside target to aim for is seen at 148.41 and 149.41. The 149.41 hurdle, will likely be more difficult to overcome, but if our count is correct, the even the most serious obstacles can be overpowered by wave a three rally.

Support is now seen at 146.56 which ideally will protect the downside for the rally higher towards 148.41 and 149.41.

R3: 149.41

R2: 148.41

R1: 148.13

Pivot: 147.00

S1: 146.56

S2: 145.30

S3: 144.80

Trading recommendation:

We are long GBP from 143.15 and we will raise our stop to 145.25.

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

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