Elliott wave analysis of GBP/JPY for September 22, 2021


GBP/JPY made a new low for red wave ii at 149.10. It is holding above the low of red wave i at 148.46. It may continue to do so, as we will be looking for a break above minor resistance at 151.00 and more importantly a break above resistance at 151.93. If so, it will confirm that red wave ii has completed and red wave iii towards 156.03 is unfolding and ultimately a continuation towards the 159.75 target remains expected.

The material has been provided by InstaForex Company - www.instaforex.com

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