16.07.202106:50 Forex Analysis & Reviews: Elliott wave analysis of GBP/JPY for July 17, 2021

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GBP/JPY looks ready to challenge minor resistance at 153.49 for the next impulsive move higher towards 155.30 and 156.03 on the way towards the long-term target near 159.75. This rally should complete wave v/ and completed wave iii that has been in motion for a year now.

Short-term we do favor a direct break above minor resistance at 153.49. However, a final dip closer to the 23.6% corrective target of wave iii/ at 150.03 can't be excluded before GBP/JPY has overcome resistance at 153.49 and starts the next impulsive rally towards 159.75

Trading recommendation:

Buy GBP near 150.03 or upon a break above 153.49 for the next impulsive rally towards 159.75

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