Elliott wave analysis of GBP/JPY for November 3, 2021

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GBP/JPY moved below the 23.6% corrective target to test the 38.2% corrective target at 154.78. This should do it for red wave iv/ and the next impulsive rally should be ready to unfold. A break above minor resistance at 157.10 should confirm red wave iv has completed and the next impulsive rally towards the long-term target at 160.54 should be unfolding.

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

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