Elliott wave analysis of GBP/JPY for March 21, 2019

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We have seen the expected corrective decline towards 144.60. Once support at 144.60 has been tested a new impulsive rally will be expected for a rally above minor resistance at 145.88 indicating a corrective low is in place for more upside pressure towards 148.87 on the way higher to 151.50.

R3: 147.31

R2: 146.46

R1: 145.88

Pivot: 145.30

S1: 144.81

S2: 144.60

S3: 143.69

Trading recommendation:

We are look to buy GBP at 144.60 or upon a break above 145.88. Our stop will be placed at 143.60.

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

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