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Elliott wave analysis of GBP/JPY for October 18, 2021


GBP/JPY has already made a new high for wave v/. With this new high all requirements to wave iii have been fulfilled. Yet, waves v/ and iii have not been completed just yet. We expect a minor setback to 154.79 before the next impulsive rally to our long-term target level of 157.69. Maybe it may reach 160.58 before wave v/ and iii are completed and we should look for another corrective wave in wave iv.

As JPY-crosses often form a triangle in the fourth wave, that's what we will be looking for as wave iv.

The material has been provided by InstaForex Company -