Elliott wave analysis of GBP/JPY for March 5, 2019

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The minor corrective decline from 148.57 should be near its completion. It is possible, that a final dip closer to 146.96 could be seen, as long as minor resistance at 147.46 is able to cap the upside, but a break above minor resistance at 147.46 and more importantly a break above resistance at 147.97 will confirm, that this corrective decline has completed and the next impulsive push higher towards 149.41 on the way higher to the 161.8% extension target is developing.

R3: 149.41

R2: 148.41

R1: 147.96

Pivot: 147.46

S1: 147.11

S2: 146.96

S3: 146.71

Trading recommendation:

We are long GBP from 143.15 with our stop placed at 146.00.

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

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