FX.co ★ Elliott wave analysis of GBP/JPY for February 27, 2019

GBP/JPY is following the expected path higher towards the 161.8% extension target at 151.30 for wave iii. Ideally GBP/JPY will accelerate directly higher through resistance near 146.75 for a continuation higher to 148.41 and 149.41 on the way towards 151.30.

That said, resistance near 146.75 might cause a minor correction to 144.80 before the final break higher through 146.75 for a continuation higher. Only an unexpected break below key-support at 144.32 will question our bullish outlook.

R3: 149.41

R2: 148.41

R1: 147.05

Pivot: 146.32

S1: 145.70

S2: 145.38

S3: 144.80

Trading recommendation:

We are long GBP from 143.15 with our stop placed at 144.50.