FX.co ★ Elliott wave analysis of GBP/JPY for April 5, 2019

The minor correction from 147.20 dipped just below the ideal 145.90 target (the low was seen at 145.65). We are now look for a break above 146.96 to confirm the next impulsive rally higher to 148.50 and 151.50 is developing.

Only an unexpected break below key-support at 144.92 will shift the bias towards the downside again for more downside pressure towards 143.79 and likely closer to 141.00 before renewed upside momentum should be expected.

R3: 148.00

R2: 147.50

R1: 147.00

Pivot: 146.29

S1: 145.67

S2: 145.39

S3: 144.90

Trading recommendation:

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