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

Posted On 25 Feb 2019

After a dip to 143.78 GBP/JPY seems ready to challenge resistance at 144.92 and a break above here will pave the way for a continuation higher towards 145.92 and 149.41 on the way to the 161.8% extension target at 151.50.

Support is seen at 143.78 and then at 143.55. Ideally the support at 143.78 will be able to protect the downside for the expected rally above 144.92.

R3: 145.92

R2: 145.53

R1: 144.92

Pivot: 144.35

S1: 143.78

S2: 143.55

S3: 142.23

Trading recommendation:

We are long GBP from 143.15 with our stop placed at break-even at 143.15.

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

Source:: Elliott wave analysis of GBP/JPY for February 25, 2019

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