Elliott wave analysis of GBP/JPY for March 25, 2019

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We continue to expect the channel support-line near 144.14 will continue to protect the downside for a break above minor resistance at 145.88 that will indicate renewed upside pressure towards 148.50 on the way towards 151.50.

Only an unexpected break below the support-line and more importantly a break below 143.75 will shift the short-term bias to the downside for a decline towards 141.08.

R3: 147.31

R2: 146.46

R1: 145.88

Pivot: 145.30

S1: 144.80

S2: 144.60

S3: 144.14

Trading recommendation:

We are long GBP from 144.60 and we have placed our stop+revers at 143.60.

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

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