FX.co ★ Elliott wave analysis of GBP/JPY for February 22, 2019

We remain bullish for a break above resistance at 144.84 that will open up for a continuation of the bullish trend towards 145.92 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. Ideally the later will protect the downside for the expected break above 144.84 soon.

R3: 145.92

R2: 145.53

R1: 144.84

Pivot: 144.05

S1: 143.55

S2: 142.23

S1: 142.88

Trading recommendation:

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