FX.co ★ Elliott wave analysis of GBP/JPY for December 20, 2021

GBP/JPY broke clearly above the resistance line near 151.62 and then failed big time indicating that one more low just below support at 148.83 is needed to complete wave iv/ and set the stage for the next impulsive rally in wave v/ of iii towards 160.54 and maybe even closer to the 163.39 target.

In the short term, we need a break above resistance at 152.64 to confirm that wave v/ is in motion towards 160.54 and maybe even closer to 163.39.