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

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We are looking for a final dip into the support area between 143.80 - 144.00 to complete the complex correction in wave ii and set the stage for renewed upside pressure through 145.63 confirming renewed strength towards 148.50 on the way higher to 151.50.

Only a direct break above minor resistance at 145.63 will confirm that wave ii is already complete.

R3: 145.63

R2: 145.25

R1: 145.02

Pivot: 144.88

S1: 144.45

S2: 144.00

S3: 143.80

Trading recommendation:

We will buy GBP at 144.00 or upon a break above 145.63.

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

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