FX.co ★ Elliott wave analysis of GBP/JPY for November 3, 2021

GBP/JPY moved below the 23.6% corrective target to test the 38.2% corrective target at 154.78. This should do it for red wave iv/ and the next impulsive rally should be ready to unfold. A break above minor resistance at 157.10 should confirm red wave iv has completed and the next impulsive rally towards the long-term target at 160.54 should be unfolding.