FX.co ★ Elliott wave analysis of GBP/JPY for June 21, 2021

GBP/JPY has broken clearly below minor support at 153.53 indicating a decline to the 23.6% corrective target at 150.10. where a corrective bottom may be found for the next impulsive rally higher towards the 159.47 - 159.75 area.

Short-term a break above minor resistance at 152.44 will indicate that the corrective decline in wave iv/ has completed and a new impulsive rally is unfolding.

Trading recommendation:

Buy a break above 152.44 for a rally towards 159.47