Elliott wave analysis of GBP/JPY for June 4, 2021

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We are looking for a complex wave iv correction towards at least 150.01 and possibly even closer to the 38.2% correction at 146.84 before wave v/ takes over for a new impulsive rally towards 159.42. As wave ii was a simple deep zig-zag correction we expect the ongoing wave iv correction to be complex in nature and hard to trade. A break below 153.83 will confirm that wave iv is unfolding.

Trading recommendation:

As a complex wave iv correction is expected, we recommend not trying to trade it, but wait to buy GBP near 150.01 for the next push higher towards 159.42

The material has been provided by InstaForex Company - www.instaforex.com

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