FX.co ★ Elliott wave analysis of GBP/JPY for August 11, 2021

GBP/JPY could break above short-term key resistance at 153.49 anytime now. A break above this resistance will confirm the expected rally higher to 159.75 in wave v/ of iii to complete the impulsive and extended wave iii and call for a correction in wave iv. But for now our focus remains on breaking above short-term key resistance at 153.49 for a continuation higher to 159.75.

That said, as long as the key resistance is able to cap the upside, consolidation within the 152.65 - 153.46 area cannot be excluded.