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Elliott wave analysis of GBP/JPY for August 9, 2021

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GBP/JPY is testing short-term resistance at 153.49 and a break above here will confirm that wave v/ of III is in motion towards the long-term target at 159.75. This will complete wave III and set the stage for a more prolonged correction in wave iv. Now, it is recommended to focus on the upside and a break above short-term resistance at 153.49.

According to the alternate scenario, it may rise to a possible S/H/S top if the neckline at 148.53 is broken. Let's be clear, that this is our alternate count and it provides us with the boundaries of our preferred bullish outlook and where the risk turns 180 degrees.

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