FX.co ★ Elliott wave analysis of GBP/JPY for September 28, 2021

GBP/JPY may soon test short-term key resistance at 153.49. A break above here will confirm that wave iv/ has completed and sub-wave v/ is unfolding towards the long-term target at 160.58.

We also need to stress that as long as short-term key-resistance at 153.49 remains unbroken, we cannot say for sure that sub-wave v/ is in motion and wave iv/ still could be unfolding in a complex corrective structure. So, it is better to be cautious.