Elliott wave analysis of GBP/JPY for March 13, 2019
March 13, 2019 9:22 am
The Brexit mish-mash once again had a short-term impact on the Market. Uncertainty is never a good thing except for volatility trades.
GBP/JPY should continue to trade above key support at 143.72 for a rally back to and above resistance at 147.79 for a continuation towards the channel resistance-line near 150.30.
Only an unexpected break below key support at 143.72 will invalidate our bullish outlook and shift our preferred count.
R3: 147.79
R2: 146.89
R1: 146.31
Pivot: 145.58
S1: 145.17
S2: 144.55
S3: 143.72
Trading recommendation:
We are long GBP from 144.80 and we have placed our stop+revers at 143.65.
The material has been provided by InstaForex Company – www.instaforex.com
The Brexit mish-mash once again had a short-term impact on the Market. Uncertainty is never a good thing except for volatility trades.
GBP/JPY should continue to trade above key support at 143.72 for a rally back to and above resistance at 147.79 for a continuation towards the channel resistance-line near 150.30.
Only an unexpected break below key support at 143.72 will invalidate our bullish outlook and shift our preferred count.
R3: 147.79
R2: 146.89
R1: 146.31
Pivot: 145.58
S1: 145.17
S2: 144.55
S3: 143.72
Trading recommendation:
We are long GBP from 144.80 and we have placed our stop+revers at 143.65.
The material has been provided by InstaForex Company – www.instaforex.com
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