GBP/JPY Elliott Wave outlook: Break to new high confirms bullish trend [Video]

Elliott Wave Forecast Team ElliottWave-Forecast.com

The GBP/JPY pair has decisively broken to a new high, thereby confirming the prevailing bullish trend. This development underscores the presence of a bullish sequence that favors continued upside momentum. In the short term, the rally from the May 1, 2026 low is unfolding as a clear five‑wave advance. From that low, wave ((i)) concluded at 215.6, followed by a corrective pullback in wave ((ii)) that ended at 212.3. The market has since resumed higher, with wave ((iii)) progressing as another five‑wave structure, reinforcing the strength of the upward cycle.

Within wave ((iii)), the internal subdivision is evident. Wave (i) terminated at 214.67, while the subsequent pullback in wave (ii) found support at 212.26. The pair then advanced in wave (iii) towards 216.06, before a modest retracement in wave (iv) ended at 214.54. The resumption higher in wave (v) has been underway, aiming to complete wave ((iii)) and solidify the bullish sequence. Once wave ((iii)) concludes, expectations call for a corrective phase in wave ((iv)), which should adjust the cycle from the June 19, 2026 low. This correction is anticipated to be temporary, paving the way for renewed strength in the next upward leg.

Near term, the critical pivot at 212.56 remains intact. As long as this level holds, dips are expected to attract buyers, either in a three‑swing or seven‑swing corrective sequence, thereby supporting further upside potential. The overall structure continues to favor higher prices, with corrections viewed as opportunities within the broader bullish trend.

GBP/JPY 60-minute Elliott Wave chart

GBP/JPY Elliott Wave [Video]

Author

Elliott Wave Forecast Team

ElliottWave-Forecast.com

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