FX.co ★ Elliott wave analysis of GBP/JPY for June 7, 2021

GBP/JPY is following the expected path and has stated it wave iv/ correction towards 150.10 and maybe even closer to the 38.2% corrective target of wave iii/ at 146.84. As wave ii/ was a simple deep zig-zag correction, we should be looking for a complex correction in wave iv/ towards 150.10. As a complex correction is expected it will make wave iv iv/ harder to predict and trade.

Short term, we would like to see a break below minor support at 153.88 to confirm wave iv/ is in motion.

Trading recommendation:

As the ongoing wave iv/ correction is expected to be a complex correction we recommend staying on the sideline and wait for a buy-opportunity near 150.10