FX.co ★ Elliott wave analysis of GBP/JPY for June 17, 2021

GBP/JPY remains in a complex correction in wave iv/ which is expected to ultimately take us lower to the 23.6% corrective target at 150.10 and maybe even closer to the 38.2% corrective target at 146.84 before the next impulsive rally in wave v/ towards resistance in the 159.47 - 159.75 area.

As wave ii/ was a simple deep zig-zag correction, we should expect wave iv/ to be complex and hard to trade. Short-term a break below minor support at 153.53 will confirm the expected dip to 150.10 to complete wave iv/.

Trading recommendation:

As wave iv/ is expected to be a complex correction, we recommend staying on the sideline and wait for a GBP-buying opportunity near 150.10 for the next rally towards 159.47 - 159.75 area