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

We continue to look for renewed upside pressure through minor resistance at 153.48 to call for the next impulsive rally towards the next upside target seen at 159.75 to complete wave v/ of iii and set the stage for a temporary correction/consolidation in wave iv before the next rally higher.

Longer-term we are looking for a rally to at least 163.00 and possibly a lot higher than that, as a long-term rally towards 205 clearly is an option, but not a given fact. A a lot can still happen a cut the ongoing rally short near 163, but only time will show.