30.04.201906:51 Forex Analysis & Reviews: Elliott wave analysis of GBP/JPY for April 30, 2019

Long-term review

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GBP/JPY is ready to test short-term important resistance at 145.02 and a breakout above here will confirm that the wave 2 is completed and the wave 3 towards 148.87 and above is developing.

If there is a breakout above 145.02, GBP/JPY will face another strong resistance near 146.00 which needs to be overcome to confirm that the wave 3 is indeed developing. If the resistance near 146.00 caps the upside, the risk of an alternate scenario will remain high, but we will consider it later.

R3: 145.45

R2: 145.05

R1: 144.74

Pivot: 144.40

S1: 143.98

S2: 143.82

S3: 143.69

Trading recommendation:

We are long GBP from 144.00 and we will move our stop higher to break-even at 144.00.

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