FX.co ★ Elliott wave analysis of GBP/JPY for June 30, 2021

After a corrective decline to the 61.8% corrective target at 153.62 red sub-wave ii like is complete and the next impulsive rally to above the former peak at 156.07 towards the ideal target for wave v/ and iii at 159.75 should be expected.

Short-term a break above minor resistance at 153.33 will indicate that red sub-wave ii is complete and the next rally towards 159.75 is developing.

Only an unexpected break below support at 151.31 will alter our bullish outlook

Trading recommendation:

Buy GBP for a rally towards 159.75 where profit should be taken. Stop should be just below 151.31