Elliott wave analysis of GBP/JPY for April 11, 2019


The extension of the Brexit deal to October 30 has given GBP a lift. We were looking for renewed GBP strength, but this extension should give GBP/JPY an extra push towards the upside.

We are looking for a clear break above minor resistance at 146.05 to confirm a corrective low is in place near 144.90 and renewed upside strength should push GBP/JPY towards 147.00 and 148.50 near term.

Support remains seen in the 144.90 -145.10 area.

R3: 147.00

R2: 146.50

R1: 146.00

Pivot: 145.55

S1: 145.00

S2: 144.62

S3: 144.15

Trading recommendation:

We are long GBP from 146.51 with our stop placed at 144.80

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