FX.co ★ Elliott wave analysis of GBP/JPY for October 6, 2021

GBP/JPY is likely to break above the short-term key resistance of 153.49. A break above 153.49 will confirm that sub-wave iv/ has been completed and wave v/ towards 157.69 is in motion. Once wave v/ of iii is complete near 157.69 a new sideway correction should be expected in wave iv to just above 148.46. GBP/JPY may break above 153.49 to indicate the next impulsive rally is unfolding.