FX.co ★ Elliott wave analysis of GBP/JPY for November 10, 2021

We see a clear overlap between red wave i/ and red wave iv/ giving us only one option if we are in an impulsive wave v/ rally towards 160.54 and that is an ending diagonal. Under this count red wave iv/ should complete soon for the final rally in red wave v/ closer to 160.54 to complete wave v/ and iii.

That said, we could have seen the peak of wave iii at 158.20 and wave iv is now in motion for a dip towards support in the 147.25 - 148.50 area before the next impulsive rally wave above the 158.20 peak.