FX.co ★ Elliott wave analysis of GBP/JPY for April 15, 2021

GBP/JPY remains in a correction, that ideally will move closer to support at 147.40 to complete red wave iv/ and set the stage for a new impulsive rally through resistance at 151.09 towards the long-term resistance near 156.61 and a clear break above here, will trigger a 5 year double bottom pattern, but for now lets focus on the ongoing correction towards 147.40 before higher again.

Trading recommendation:

Buy GBP near 140.40 or upon a break above minor resistance at 151.09 for the next impulsive rally higher towards 156.61