Elliott wave analysis of GBP/JPY for October 29, 2021

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GBP/JPY has been rejected nice from support at 156.10, but hasn't yet broken above minor resistance at 157.77 to confirm that the minor correction in red wave iv/ already has completed and red wave v/ towards the long-term target at 160.54 is unfolding.

Once the long-term target has been reached, we will be looking for a new more time-consuming correction in wave iv. As JPY crosses often see triangles as their fourth wave consolidation, that is the type of formation we will be looking for as the final correction before the final impulsive rally in wave iv towards 175.12.

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

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