Elliott wave analysis of GBP/JPY for April 24, 2019

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The GBP/JPY pair has failed to stay above resistance at 144.90 which calls for a more firm test of important support in the 143.80 - 144.00 area. This support area must protect the downside for renewed strength through resistance at 145.63 that will call for a rally to 147.00 on the way higher to 148.50 and 151.50.

If, however, support at 143.80 also fails, a shift in bias towards the downside will be seen for a decline to 141.30.

R3: 145.63

R2: 145.25

R1: 144.90

Pivot: 144.75

S1: 144.44

S2: 144.00

S3: 143.80

Trading recommendation:

Our stop at 144.80 has been hit. We will re-buy GBP at 144.00 with our stop loss order placed at 143.50 or upon a breakout above resistance at 145.63.

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

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