Elliott wave analysis of GBP/JPY for April 23, 2019

GBP/JPY continues to trade sideways doing nothing. As long as the important support at 144.90 is able to protect the downside, we will be looking for a breakout above minor resistance at 145.55 confirming the renewed upside pressure towards the important resistance at 147.00. Only a breakout below 144.90 will open the way to test the important support at 143.82 and below here will shift the bias to the downside. The GBP/JPY pair is likely to move a little lower to 143.82 before turning higher again though resistance at 147.00 towards 148.60 on the way higher to 151.50.

R3: 146.25

R2: 145.85

R1: 145.55

Pivot: 145.33

S1: 144.90

S2: 144.36

S3: 143.80

Trading recommendation:

We are long EUR from 146.25 with our stop loss order placed at 144.80.

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