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

GBP/JPY completed the correction at 149.05 just below the former low at 149.39 just as we expected. It may rise to 154.78. If so, it will complete red wave iii and set the stage for a correction to at least 149.74 and possibly even close to strong support near 147.00.

In the short term, a break above minor resistance at 151.98 will confirm the next push higher towards 154.78.

Trading recommendation:

Buy GBP upon a break above minor resistance at 151.98 for a rally to 154.78 where profit should be taken for a more serious correction towards at least 149.74