Elliott wave analysis of GBP/JPY for May 17, 2021

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GBP/JPY is almost testing the expected target seen in the 154.72 - 155.42 range. Once this target is hit, a correction in wave iv/ should be expected towards at least 150.10 and even closer to the 38.2% corrective target seen at 146.84. A rally higher towards the long-term target at 190 should be expected.

In the short term, a break below minor support at 153.12 will confirm the completion of wave iii/ and that the expected correction in wave iv/ is in motion towards the 146.84 - 150.10 range is unfolding.

Trading recommendation:

Take profit on long-positions near 154.72 or upon a break below 153.12 and rebuy GBP near 149.27 for the next push higher.

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

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