Elliott Wave outlook: GBP/JPY set to rally to target 201.2 [Video]
|The bullish cycle initiated from the April 2025 low continues to unfold as a five-wave impulse pattern. As depicted in the one-hour chart, wave 4 concluded at 195.02. The pair has since reversed upward and is poised to breach the previous wave 3 peak at 199.97, reinforcing the bullish outlook. A confirmed breakout above this level would signal the continuation of the upward trajectory. The minimum target for this move is the 123.6% inverse Fibonacci retracement of wave 4, projecting a level of 201.2.
Currently, wave 5 is developing as a smaller-degree five-wave impulse. From the wave 4 low, wave (i) peaked at 197.1, followed by a shallow pullback in wave (ii) to 196.22. The pair has resumed its ascent and is nearing the completion of wave (iii). A corrective pullback in wave (iv) is anticipated, followed by another upward leg to complete wave (v) of ((i)). Subsequently, a wave ((ii)) correction should occur, retracing part of the cycle from the August 5, 2025 low. After this correction, the pair is expected to resume its climb, forming waves ((iii)), ((iv)), and ((v)) to finalize wave 5 and the broader cycle from April 2025. As long as the 195.02 pivot holds, further upside remains likely.
GBP/JPY – 60 minute Elliott Wave technical chart
GBP/JPY – Elliott Wave technical [Video]
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