FX.co ★ Elliott wave analysis of GBP/JPY for August 30, 2021

GBP/JPY is still holding above the July 20 low at 148.46 and as long as this low holds. We will continue to look for more upside pressure through resistance at 153.49 for the final rally towards the 159.75 target to complete wave iii.

Only a break below support at 148.46 will invalidate our bullish outlook and call for a decline to 146.78 and possibly even closer to 143.91 before turning higher again.