FX.co ★ Elliott wave analysis of GBP/JPY for July 22, 2021

The corrective decline from 156.06 has evolved into a more complex double zig-zag correction, that likely completed with the dip to 148.47 and we are now looking for a break above minor resistance at 151.38 as a good indication that wave iv/ has completed and wave v/ of iii is in motion towards the long-term target at 159.75. A break above resistance at 153.49 will confirm the completion of wave iv/ and the onset of wave v/ towards the long-term target at 159.75 and maybe even above, but for the now our focus remains on the break above 151.38 and more importantly a break above 153.49.

Trading recommendation:

Buy a break above minor resistance at 151.38 and place you stop at 148.45, but expect to raise the stop quicly