FX.co ★ Elliott wave analysis of GBP/JPY for October 28, 2021

The expected correction to 156.10 has played out as expected. Our ideal target at 156.10 has been pierced slightly as GBP/JPY dropped just below the ideal target to a low of 155.80 and we will now be looking for a break above minor resistance at 157.77 as confirmation that the correction has completed and the impulsive uptrend has been revived for a rally towards the long-term target at 160.54 to complete wave v/ and iii.