Elliott wave analysis of GBP/JPY for April 2, 2019

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We are looking for guidance of the next larger move. As the trend remains up, we do favor a break above resistance at 146.51 for more upside pressure towards 148.50 and 151.50.

That said, key-support at 143.82 will need to protect the downside to keep the bias towards the upside. An unexpected break below 143.82 will shift our focus towards the downside and a move closer to 141.00.

R3: 146.95

R2: 146.50

R1: 145.68

Pivot: 145.20

S1: 144.83

S2: 144.51

S3: 143.82

Trading recommendation:

We will buy GBP at 144.45 or upon a break above 146.51 and place our stop at 143.70.

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

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