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The short-term Elliott wave view in the GBPJPY suggests that the cycle from 03 October 2023 low is nesting higher & expected to accelerate higher. Up from there, the rally to 183.81 high ended wave 1 & then made a pullback in wave 2. The internals of that pullback unfolded as Elliott wave flat correction. Whereas the first leg of the flat ended in wave ((a)) at 180.93 low. Wave ((b)) bounce ended at 183.75 high and wave ((c)) completed at 180.73 low thus completed the wave 2 pullback.

From there, the pair made a rally higher in an impulse sequence & showed a higher high sequence supporting the nest in wave 3 higher. The first leg of the rally to 181.87 high ended wave (i). Wave (ii) ended at 180.91 low, wave (iii) ended at 183.83 high, wave (iv) ended at 183.09 low. Then a rally to 184.35 high ended wave (v) & completed wave ((i)). Below from there, the pair is doing a short-term pullback in wave ((ii)), which is expected to hold in 3, 7, or 11 swings. Looking for more upside extension towards 186.55- 190.13 area next as far as dips remain above 180.73 low. Don’t recommend selling the pair.

GBPJPY 1-Hour Elliott Wave Chart From 11.01.2023

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GBPJPY Elliott Wave Video

Video Length: 00:03:58

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