FX.co ★ Elliott wave analysis of GBP/JPY for November 19, 2021

GBP/JPY has rebounded nicely from 152.39 and we are looking for the final impulsive rally higher towards our long-term target at 160.54. Support is now found at 153.70. Only a break below here and more importantly a break below support at 152.39 will confirm that GBP/JPY already has completed wave iii and wave iv is in motion for a corrective decline towards 148.50 and maybe even closer to 147.25 before the final impulsive rally above 160.54.