FX.co ★ Elliott wave analysis of GBP/JPY for March 5, 2021

GBP/JPY is continuing higher and has broken above the former peak at 150.44 indicating more upside pressure towards the next major target seen at 156.60. On the way higher resistance will be seen near 152.53 and 153.84.

We expect the blue wave i - v series to complete near 152.53 and set the stage for a corrective decline towards 150.44 and maybe slightly below, but again this is just a temporary corrective set-back before more upside pressure should be expected towards 153.84 and 156.60.

R3: 151.64

R2: 150.97

R1: 150.59

Pivot: 150.44

S1: 149.91

S2: 149.52

S3: 149.29

Trading recommendation:

We are long GBP from 149.25 and we will move our stop higher to 148.80.