FX.co ★ Elliott wave analysis of GBP/JPY for September 17, 2021

GBP/JPY is expected to continue higher towards the long-term target seen at 159.75. Short-term, we would like to see a break above resistance at 153.49 as confirmation that the final rally towards 159.75 is in motion.

Short-term, we expect a minor set-back to the 151.20 - 151.32 support-area before the next rally through minor resistance at 151.75 for a push towards 153.49 and ultimately 159.75.