FX.co ★ Elliott wave analysis of GBP/JPY for October 25, 2021

GBP/JPY is likely to reach its minimum corrective target near 156.10. If so, it might rise to the long-term target at 160.54 to complete wave iii. Once wave iii is completed, we will be looking for a correction in wave iv. As JPY-crosses often consolidate in a triangle as their fourth wave, we will be looking for such type of consolidation in the next larger correction.