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18.02.201907:46 Forex Analysis & Reviews: Elliott wave analysis of GBP/JPY for February 18, 2019

Long-term review

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GBP/JPY has rallied past minor resistance at 141.84 leaving us with a possible bullish option, if resistance at 143.03 is broken too. While the bearish option remains in place as long as resistance at 143.03 is not broken.

As said, a break above resistance at 143.03 will confirm that wave ii has completed and wave iii higher to at least 146.80 should be expected. However, the bearish case for GBP/JPY remains in place as long as 143.03 caps the upside and calls for more downside pressure towards 140.30 before completing wave ii and setting the stage for the next impulsive rally in wave iii.

R3: 143.86

R2: 143.34

R1: 143.03

Pivot: 142.44

S1: 141.79

S2: 141.35

S3: 140.98

Trading recommendation:

We will sell GBP here at 142.65 and place our stop+reverse at 143.10. We will take profit+revers at 140.40 and if done we will place our stop at 139.90.

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