Elliott wave analysis of GBP/JPY for March 19, 2019

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With the break below short-term important support at 147.36 it was confirmed, that a B-wave triangle had developed and more downside pressure towards 146.25 should be expected before the next impulsive rally will be ready to take over for a break above 148.03 on the way higher to 151.50.

R3: 148.39

R2: 148.03

R1: 147.79

Pivot: 147.45

S1: 147.00

S2: 146.70

S3: 146.25

Trading recommendation:

Our stop at 147.35 was hit for a 255 pips profit. We will re-buy GBP upon a break above 147.79.

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

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