Rally from September 21, 2020 low in $GBPJPY is unfolding as a 5 waves impulse Elliott Wave structure. Up from September 21, 2020 low, wave (1) ended at 140.7 and pullback in wave (2) ended at 136.79. Pair resumed higher again and ended wave (3) at 152.55 as 1 hour chart below shows. Wave (4) pullback is proposed complete at 148.52 as a double three Elliott Wave structure.

Down from wave (3), wave ((a)) ended at 151.43, bounce in wave ((b)) ended at 151.83, and wave ((c)) lower ended at 150.09. This completed wave W in higher degree. Rally in wave X ended at 150.93. Pair then resumed lower in wave Y with internal subdivision as a zigzag. Down from wave X, wave ((a)) ended at 149.05, bounce in wave ((b)) ended at 149.96, and pair resumed lower and ended wave ((c)) at 148.52.  This completed wave Y of (4).

Pair has turned higher in wave (5) but still needs to break above wave (3) at 152.55 to rule out a double correction. Near term, as far as dips stay above 148.52, expect pair to extend higher.

GBPJPY 60 Minutes Elliott Wave Chart

GBPJPY Elliott Wave Video

GBPJPY continues to rally in impulsive Elliott Wave structure from January 18, 2021 low (140.3). Up from there, wave ((i)) ended at 144.09 and pullback in wave ((ii)) ended at 142.81. Pair extended higher in wave ((iii)) which ended at 148.29 and pullback in wave ((iv)) ended at 147.52. Wave ((v)) is now in progress and should subdivide in another 5 waves in lesser degree. At the end of wave ((v)), pair should complete wave 3 in larger degree.

Up from wave ((iv)), wave i ended at 148.6, wave ii ended at 148.28, wave iii ended at 150.1, and wave iv is proposed complete at 149.28. Near term, expect wave (i) to end soon with 1 more marginal high in wave v, then pair should pullback in wave (ii) to correct cycle from February 22 low before the rally resumes. As far as February 22 pivot at 147.52 low stays intact, expect dips to find buyers in 3, 7, or 11 swing. Alternatively, instead of ending wave (i) of ((v)), GBPJPY can end wave ((v)) already and thus complete cycle from January 18 low. In this case, pair can see a larger degree correction in wave 4 before the rally resumes.

GBPJPY 45 Minutes Elliott Wave Chart

GBPJPY Elliott Wave Video

Elliott Wave view in GBPJPY suggests that the decline from 01 September 2020 peak unfolded as 5 waves impulse structure where wave ((iii)) ended at 134.55 low. Wave ((iv)) ended at 136.16 high, and wave ((v)) ended at 133.02 low thus completed wave A. Up from there, the pair is doing a bounce in wave B to correct the cycle from the 9/01/2020 peak as a zigzag structure. When initial rally from the lows is taking place in an impulse structure where lesser degree wave (i) ended at 134.82 high. Wave (ii) ended at 133.80 low, wave (iii) ended at 136.25 high, wave (iv) ended at 135.16 low.

Up from there, wave (v) remains in progress in a lesser degree 5 wave structure & expected to reach a minimum extension area towards 136.51- 136.91 area (inverse 1.236%-1.618% ext area) before ending 5 waves within wave ((a)). In case of further extension area in wave (v) the pair can even see (v)=(i) target area as well towards 136.96-137.39 area before entering wave ((b) pullback. Near term, the pullback in wave ((b)) is expected to find support in 3, 7, or 11 swing against 133.02 low for further upside in the pair.

GBPJPY 1 Hour Elliott Wave Chart

Elliott Wave Video

Elliott Wave View of GBPJPY shows that pair has ended the cycle from June 21 in wave A at 142.70 high. Pair is currently doing a pullback in wave B, which is unfolding as a zigzag Elliott Wave Structure. Down from wave A high, wave ((a)) ended at 140.09 low. The subdivision of wave ((a)) unfolded as 5 waves diagonal Elliott Wave Structure. Wave (i) ended at 140.98 low and wave (ii) bounce ended at 141.87 high. Pair then extended lower in wave (iii) towards 140.45 low. Wave (iv) bounce ended at 141.43 high. Finally, wave (v) resumed lower and ended at 140.09 low. This final move completed wave ((a)) in higher degree.

Afterwards, pair bounced higher within wave ((b)), which ended at 141.18 high. From there, pair continued to resume lower and broke below previous wave ((a)) low. This confirms that the next leg lower in ((c)) in already in progress. The 100 – 123.6% extension of wave ((a))-((b)) where wave ((c)) can potentially end is at 137.93-138.55 area. This area is shown with a blue box. If reached, that area should see a reaction for 3 waves bounce at least later.

GBPJPY 1 Hour Elliott Wave Chart

GBPJPY Elliott Wave Video

Elliott Wave View of GBPJPY shows that pair has a bullish sequence from March 18 low. The 45 minutes chart suggests the pair ended the cycle from August 13 high as wave B at 138.58 low. The pullback in wave B unfolded as double three correction and ended at the blue box area. The pair then rallied higher from blue box and broke above previous August 13 high. This confirms that the next leg higher in wave C has already started.

Up from wave B low, wave ((i)) ended at 141.61 high. The subdivision of wave ((i)) unfolded as 5 waves impulse Elliott Wave Structure. Wave (i) ended at 138.93 high and wave (ii) dip ended at 138.26 low. Pair then extended higher in wave (iii) towards 140.30 high. Wave (iv) pullback then ended at 139.67 low. Finally, wave (v) higher ended at 141.61 high. This final move completed wave ((i)) in higher degree.

Afterwards, pair corrected within wave ((ii)), which ended at 139.99 low. From there, pair resumed the rally and extended higher. Wave (i) of ((iii)) ended at 142.71 high. The pullback in wave (ii) unfolded as zigzag correction and ended at 140.98 low. As long as the low at 139.99 low and more importantly wave B low at 138.58 stays intact, expect dips in 3,7, or 11 swings to continue to find support for more upside. The equal leg from March 18 low against June 21 low where the rally can target is at 147.40 level. However, if pair breaks below 138.58 low, then the alternate is that wave A ended at September 1 peak (142.71) and pair is doing a pullback in wave B to correct the cycle from June 22 low.

GBPJPY 45 Minutes Elliott Wave Chart

GBPJPY Elliott Wave Video