FX.co ★ Elliott wave analysis of GBP/JPY for December 16, 2021

GBP/JPY is ready to take on the resistance-line near 151.31 and a break above here will confirm that wave iv/ has completed and wave v/ higher towards at least 160.54 and possibly closer to the 163.39 target is in motion.

Short-term we see support at 149.35 that needs to protect the downside for the break above 151.31 or else a new dip closer to 148.83 will be seen.