FX.co ★ Elliott wave analysis of GBP/JPY for March 4, 2019

GBP/JPY continues to push higher, only interrupted, by temporary corrections. Support is now seen at 146.96 which we expected will be able to protect the downside for the next push higher to 149.41 on the way towards the 161.8% extension target at 151.50.

If. however support at 146.96 unexpectedly should give away, back-up support is seen at 146.15, which should be able to protect the downside for the next push higher.

R3: 150.00

R2: 149.41

R1: 148.41

Pivot: 147.62

S1: 147.21

S2: 146.96

S3: 146.15

Trading recommendation:

We are long EUR from 143.15 with our stop placed at 146.00.