FX.co ★ Elliott wave analysis of GBP/JPY for June 23, 2021

There was only time for an absolutely minimum correction to the 23.6% corrective target at 153.20 before the next strong push towards the upside. We should expect temporary resistance near 154.55, but it should only be a matter of time before this resistance is broken too and GBP/JPY continues higher to 155.86 on the way towards the ideal upside target near 159.47.

The rally to 159.47 should complete wave v/ and wave iii and set the stage for another corrective decline.

Trading recommendation:

Use temporary set-backs to buy GBP for a rally towards 159.47 where profit should be booked.