Elliott wave analysis of GBP/JPY for March 22, 2019

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We have seen the expected dip close to support at 144.60 (the low came in at 144.15). We are now looking for a break above minor resistance at 145.88 to confirm that a corrective low is in place and the next impulsive rally higher is developing, towards 148.88 on the way higher to the 161.8% extension target at 151.50.

Only an unexpected break below support at 143.69 will shift the directional bias to down.

R3: 147.31

R2: 146.46

R1: 145.88

Pivot: 145.30

S1: 144.81

R2: 144.60

S3: 144.15

Trading recommendation:

We bought GBP at 144.60 and we have placed or stop+reverse at 143.60.

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

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