FX.co ★ Elliott wave analysis of GBP/JPY for March 11, 2022

The correction from the late May 2021 has turned into an ascending triangle in wave iv/ and more upside is expected now that wave e/ of iv/ has completed. We need a break above the resistance-line at 158.00 to confirm that wave v/ higher towards 163.39 is unfolding.

A break above minor resistance at 155.30 will be a strong indication that wave iv has completed and wave v/ of 3 is in motion.