The short-term Elliott Wave analysis for GBPJPY indicates that the cycle initiated from the April 9, 2025 low has reached a mature stage. The upward movement is unfolding as a five-wave impulse structure, a hallmark of Elliott Wave theory, signaling a strong bullish trend. Wave 1 concluded at 189.82, followed by a corrective pullback in Wave 2, which found support at 185.98. The subsequent rally in Wave 3, as depicted on the 1-hour chart, peaked at 196.84. Wave 4 then unfolded as a zigzag corrective structure. Its internal subdivisions completing as follows: Wave ((a)) declined to 194.75, and wave ((b)) rebounded to 195.33. Wave ((c)) finalized at 196, marking the completion of Wave 4 in the higher degree.
Currently, GBPJPY has resumed its ascent in Wave 5. From the Wave 4 low, the rally has so far developed in three waves. Wave (i) reached 196.7, followed by a dip in Wave (ii) to 196.09. Wave (iii) extended higher to 198.19. A corrective pullback in Wave (iv) is anticipated to find support within the 196.2–196.8 range, likely in a three-wave structure. Afterwards, one final push higher in Wave (v) should happen to complete Wave ((i)) of 5 in the higher degree. Following this, a larger-degree correction in Wave ((ii)) is expected to retrace the cycle from the June 19, 2025 low. Pullback is likely unfolding in a 3, 7, or 11-swing pattern before the pair resumes its upward trajectory.
GBPJPY 60-Minute Elliott Wave Technical Chart
