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

GBP/JPY is testing support at 145.90, which ideally will protect the downside for the next impulsive rally above 147.00 confirming a continuation higher to 148.50 and 151.50.

Only an unexpected break below support at 144.92 will shift the bias towards the downside again for a decline closer to 143.79 and possible even closer to 141.00.

R3: 147.50

R2: 147.00

R1: 146.29

Pivot: 145.67

S1: 145.39

S2: 144.90

S3: 144.62

Trading recommendation:

We are long GBP from 146.51 with our stop placed at 144.80