FX.co ★ Elliott wave analysis of GBP/JPY for May 10, 2019

We continue to look for a deeper decline in wave c of 2 towards the ideal target at 141.05. GBP/JPY can now find the resistance in 143.36 - 143.74 area, which we expected will cap the upside for the expected decline closer to 141.05 target, where we see the low of wave 3 and the onset of wave 3 to above 148.87.

R3: 143.74

R2: 143.36

R1: 143.06

Pivot: 142.59

S1: 142.21

S2: 141.95

S3: 141.52

Trading recommendation:

We are short GBP from 143.70 with our stop placed at 144.40.