FX.co ★ Elliott wave analysis of GBP/JPY for June 1, 2021

We are looking for a complex correction in wave iv/ to 150.10 as a minimum. The correction in wave iv/ could move closer to the 38.2% corrective target at 146.84. Once the correction in wave iv/ is completed, a new impulsive rally is expected in wave v/ of iii closer to at least 160.00 and possibly even higher to resistance near 165.11.

However, we should focus on the expected decline in wave iv/ to 150.10.

Trading recommendation:

Wait to buy GBP near 150.10. As wave iv/ is expected to be a complex correction it will likely not pay trying to trade the ongoing wave iv/ correction