FX.co ★ Elliott wave analysis of GBP/JPY for December 23, 2021

GBP/JPY failed to break lower to 148.83 and has likely left us with a fifth wave failure. A Break above minor resistance at 152.64 will confirm that wave iv/ has completed and wave v/ of iii is in motion towards 160.54 and possibly even closer to the 163.39 target.

A fifth wave failure is a sign of inpatients and indicates a strong rally is in store once the minor resistance at 152.64 is eclipsed.