FX.co ★ Elliott wave analysis of GBP/JPY for February 21, 2019

Short-term important resistance at 144.84 is still holding firm, but we believe, that it is just a matter of time before this resistance is broken and the next impulsive rally higher to 145.92 is seen on the way higher to 149.41 and the 161.8% extension target at 151.50.

Support is now seen at 144.05 and again at 143.55.

R3: 145.92

R2: 145.53

R1: 144.85

Pivot: 144.05

S1: 143.55

S2: 143.23

S3: 142.88

Trading recommendation:

We are long GBP from 143.15 with our stop placed at break-even at 143.15