GBP/JPY buyers hold command, eye multi decade highs [Video]

The short-term Elliott Wave outlook in GBPJPY indicates that the cycle from the October 2, 2025 low remains in progress as a five-wave diagonal structure. From that date, wave ((i)) concluded at 205.3, followed by a corrective pullback in wave ((ii)) that reached 199.05. The pair then advanced in wave ((iii)), achieving 206.85, as reflected in the 45‑minute chart. Subsequently, wave ((iv)) unfolded in the form of a zigzag pattern. Within this correction, wave (a) ended at 205.63, wave (b) terminated at 206.21, and wave (c) completed at 204.31. This final leg also marked the completion of wave ((iv)) at a higher degree.

From that point, the pair resumed its upward trajectory in wave ((v)), which developed as an impulse structure of lesser degree. Rising from wave ((iv)), wave i concluded at 206, while wave ii corrected to 205.26. The advance continued with wave iii reaching 207.2, before wave iv pulled back to 206.41. The current expectation is that the pair will soon complete the cycle from the November 21 low in wave v of (i). Following this, a corrective phase in wave (ii) should emerge to balance the preceding advance before the rally resumes.

As long as the pivot at 204.31 remains intact, dips are anticipated to find support. These supports are likely to appear in sequences of three, seven, or eleven swings, reinforcing the broader bullish outlook. The structure suggests that the market retains a constructive bias, with corrections offering opportunities for continuation rather than signaling exhaustion.

GBP/JPY 45-minute Elliott Wave chart from 11.28.2025

GBP/JPY Elliott Wave [Video]