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Today we will talk about the GBPJPY pair, as we see an interesting development from the Elliott wave perspective.

GBPJPY pair is in a massive rally since March 2020 covid crash, but looking at the wave structure from the Elliott wave perspective, we can now see it finishing a five-wave cycle within higher degree wave C of B that can face resistance around 170 area.

With Cable moving into a 5th wave from the lows and with new BoJ intervention, GBPJPY could easily see a reversal down now at the end of 2022 or beginning of 2023.

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