FX.co ★ Elliott wave analysis of GBP/JPY for December 13, 2021

GBP/JPY dipped to a low of 149.29. it may soon approach our ideal target level of 148.83. We could still see a final dip to the 148.83 target, but the test of 149.29 is likely enough to fulfill the corrective target in wave iv/. We should soon see a break above minor resistance at 151.44 to confirm that wave v/ of iii now is unfolding towards the 160.54 target. GBP/JPY may test the 61.8% target at 163.39 to complete wave v/ of iii.