FX.co ★ Elliott wave analysis of GBP/JPY for April 9, 2019

The risk of a hard Brexit keeps GBP/JPY under pressure, but support at 144.90 should continue to protect the downside for a break above minor resistance at 145.15 and more importantly above resistance at 146.05 that confirms more upside pressure towards 148.50 and ideally closer to 151.50.

Only a clear break below 144.90 will shift the bias to the downside for a re-test of 143.79 and possibly even closer to 141.00.

R3: 146.50

R2 146.00

R1: 145.42

Pivot: 145.15

S1: 144.90

S2: 144.62

S3: 144.15

Trading recommendation:

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