The short-term Elliott wave view in GBPJPY suggests that the pullback to 176.26 low ended larger degree wave (4). While the pullback unfolded as a zigzag structure where wave A ended at 179.45 low. Wave B bounce ended at 182.52 high and wave C managed to reach the 177.65- 174.63 100%-161.8% Fibonacci extension area of A-B. From there, the pair started the next leg higher in an impulse sequence & due a 3-wave pullback minimum soon before more upside happens.
Up from the 176.26 low, the rally took place in an impulse sequence where lesser degree wave (i) ended at the 179.08 high. A pullback to 178.45 low ended small wave (ii) pullback & then the pair made another 5 waves rally within wave (iii) at 183.20 high. Down from there, the pair is doing a short-term pullback in wave (iv) towards the 182.46- 182.21 area before the pair makes a last push higher in wave (v) & ends wave ((i)). Afterward, the pair is expected to see a pullback in wave ((ii)) in 3, 7, or 11 swings before more upside happens. Near-term, as far as dips remain above the 176.26 low expect pair to extend higher.
GBPJPY 1-Hour Elliott Wave Chart From 8.02.2023
