Elliott wave analysis of GBP/JPY for April 8, 2019


The Brexit deadlock and general low volatility in the FX market keeps GBP/JPY locked in a narrow range. We continue to look for a break above resistance at 145.75 and more importantly a break above 146.55 that confirms more upside pressure towards 148.50 and 151.50.

Only an unexpected break below 144.93 will call for more downside pressure before higher again.

R3: 148.00

R2: 147.50

R1: 147.00

Pivot: 146.26

S1: 145.57

S2: 145.39

S3: 144.90

Trading recommendation:

We are long GBP from 146.51 with our stop placed at 144.80

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