22.05.201906:46 Forex Analysis & Reviews: Elliott wave analysis of GBP/JPY for May 22, 2019

Long-term review

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GBP/JPY is breaking above minor resistance at 140.51 indicating that the wave 2 has completed and the wave 3 higher is developing. In the short-term, minor support at 140.18 will be able to protect the downside for a firm breakout above minor resistance at 140.51 and, more importantly, a breakout above resistance at 141.74 for a continued upward movement to 142.21 and 143.72 as the next minor hurdles on the way towards 151.50.

At no point can a breakout below support at 139.63 be allowed as it will call for more downside pressure.

R3: 141.74

R2: 141.10

R1: 140.82

Pivot: 140.50

S1: 140.16

S2: 139.63

S3: 139.53

Trading recommendation:

We are long GBP from 139.80 and we will move our stop higher to 139.60

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