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

We have seen a deep red wave ii correction, that ideally will stay above key support at 151.31 for the next impulsive rally in red wave iii towards the long-term target seen at 159.75 that should complete wave v/ and iii for a new correction. Anyway, for now we should remain focus towards the upside as long as support at 151.31 is able to protect the downside.

Short-term a break above minor resistance at 154.07 will confirm that red wave ii has completed and red wave iii higher is unfolding.

Trading recommendation:

Buy GBP and place your stop at 151.25 for a rally towards 159.75