Elliott wave analysis of GBP/JPY for March 14, 2019

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GBP/JPY has rallied nicely and is currently testing resistance at 148.49. This resistance should ultimately be broken as GBP/JPY continues higher to 151.50 and above. On the way higher solid resistance will be seen at 149.49 but this should be broken too, as GBP/JPY pushes higher.

Support is now seen 147.41 and again at 146.79

R3: 150.52

R2: 149.49

R1: 148.57

Pivot: 147.52

S1: 147.41

S2: 147.00

S3: 146.79

Trading recommendation:

We are long GBP from 144.80 and we will move our stop higher to 146.00

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

Source:: Elliott wave analysis of GBP/JPY for March 14, 2019

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