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

The break below important support at 143.74 confirmed that wave 2 still is in motion. The sideways consolidation since mid-March has been a b-wave triangle and the break below 143.74 confirmed that wave c lower to 141.05 is developing.

Short-term the triangle support-line near 143.74 will act as resistance and turn prices lower towards the ideal target at 141.05.

R3: 145.34

R2: 144.52

R1: 143.74

Pivot: 143.31

S1: 142.90

S2: 142.52

S3: 141.85

Trading recommendation:

We are short GBP from 143.70 We will move our stop lower to 144.40