Elliott wave analysis of GBP/JPY for April 3, 2019

GBP/JPY has broken back above resistance at 145.50 indicating more upside pressure towards 148.50 and 151.50 as the target.

Support is now seen at 145.90 with key support at 144.90 which should be able to protect the downside for the next move higher towards 148.50.

Only an unexpected break below support at 144.90 will confuse the short term picture.

R3: 148.50

R2: 148.10

R1: 147.50

Pivot: 147.18

S1: 146.16

S2: 145.52

S3: 144.90

Trading recommendation:

We bought GBP at 146.51 and we will move our stop higher to 144.80.

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