FX.co ★ Elliott wave analysis of GBP/JPY for May 15, 2019

We continue to look for signs confirming that the wave 2 has completed. Our ideal target at 141.05 has almost been hit (the low has been seen at 141.17). However, we need a breakout above minor resistance at 142.18 and, more importantly, a breakout above resistance at 143.44 to confirm that the wave 2 has completed and the wave 3 is developing towards 151.50.

R3: 143.44

R2: 142.85

R1: 142.56

Pivot: 142.22

S1: 141.46

S2: 141.17

S3: 141.05

Trading recommendation:

We are long GBP from 141.25 with our stop placed at 140.25