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Elliott Wave Analysis: GBP/JPY Update

GBPJPY is nicely recovering from the 142.02 level, giving us an idea that corrective wave iv as part of a bigger, bullish cycle is completed, and that final wave v is in play. In such case we labelled current leg up as sub-wave i) of v, which can once completed push price into a temporary pullback, labelled as wave ii), that can look for support and a bounce near the 142.84 level.

A decisive break above the Elliott wave corrective channel line would favor a bullish continuation. GBPJPY, 1h

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