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


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

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