Elliott wave analysis of GBP/JPY for December 6, 2021

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GBP/JPY would ideally move a bit lower to test the ideal corrective target at 148.83 to complete wave iv/ and set the stage for a new impulsive rally towards at least 160.40 and ideally closer to 163.39 to complete wave v/ and iii.

That said, we can see that GBP/JPY is testing a support-line which could prevent GBP/JPY from the final dip to test the ideal corrective target at 148.83. If this is the case, then a break above minor resistance at 152.59 will be seen soon.

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

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