Short Term Elliott Wave in GBPJPY shows a bullish sequence from 8.5.2024 low, favoring further upside. Rally from 8.5.2024 low is unfolding as a 5 waves impulse. Wave (1) higher ended at 192.01. Pullback in wave (2) unfolded as a zigzag Elliott Wave structure like the 1 hour chart below shows. Down from wave (1), wave A ended at 190.34 and rally in wave B ended at 191.625. Wave C lower ended at 188.19 which completed wave (2) in higher degree. The pair extended higher in wave (3). Up from wave (2), wave ((i)) ended at 190.76 and dips in wave ((ii)) ended at 188.89. Wave ((iii)) higher ended at 191.47 and wave ((iv)) ended at 189.42. Final leg wave ((v)) ended at 192 which completed wave 1 in higher degree.
Pullback in wave 2 ended at 189.46 with internal subdivision as expanded flat. Up from there, wave 3 is in progress as an impulse. Wave ((i)) of 3 ended at 191.92 and wave ((ii)) of 3 ended at 190.18. Pair is nesting higher in wave ((iii)) with wave (i) ended at 191.49 and wave (ii) ended at 190.44. Expect wave (iii) to end soon, followed by wave (iv) pullback before it resumes higher again. Near term, as far as pivot at 188.19 low stays intact, expect dips to find support in 3, 7, 11 swing for further upside.
