FX.co ★ Elliott wave analysis of GBP/JPY for July 9, 2021

The break below support at 151.31 indicates that a double zig-zag correction is building. In the short term, we are looking for a dip closer to 150.37 and maybe even closer to support near 149.25 before wave iv/ is complete and wave v/ can take over for a rally towards the long-term target near 159.75.

In the short term, a break above minor resistance at 152.77 will indicate that wave iv/ has completed and wave v/ higher towards 159.75 is in motion.

Trading recommendation:

Buy GBP near 150.37 for a rally towards 159.75