FX.co ★ Elliott wave analysis of GBP/JPY for March 20, 2019

Brexit votes every day distorts the normal price-behavior and causes unnecessary uncertainty, which reflects in more possible short-term counts for this cross.

We have seen the expected decline closer to 146.25 however this decline does not look complete yet. While minor resistance at 148.10 is able to cap the upside, we could see even more downside pressure closer to 144.60 before the next impulsive rally higher, through resistance at 148.10 and 148.90 for a continuation higher to 151.50

R3: 148.89

R2: 148.10

R1: 147.42

Pivot: 147.00

S1: 146.50

S2: 146.05

S3: 145.36

Trading recommendation:

We are looking for a new buying opportunity near 144.60 or upon a break above 148.10.