Elliott wave analysis of GBP/JPY for March 1, 2019

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GBP/JPY continues to push higher towards the next minor resistance at 148.41 and the more solid resistance at 149.41. Longer term, we expect GBP/JPY will move even higher to the 161.8% extension target at 151.50.

Support is seen at 147.62 and again at 147.21 with key-support seen at 146.14.

R3: 149.41

R2: 148.41

R1: 148.13

Pivot: 147.62

S1: 147.21

S2: 146.64

S3: 146.14

Trading recommendation:

We are long GBP from 143.15 and we will move our stop higher to 146.00.

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

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