GBPJPY continues to rally in impulsive Elliott Wave structure from January 18, 2021 low (140.3). Up from there, wave ((i)) ended at 144.09 and pullback in wave ((ii)) ended at 142.81. Pair extended higher in wave ((iii)) which ended at 148.29 and pullback in wave ((iv)) ended at 147.52. Wave ((v)) is now in progress and should subdivide in another 5 waves in lesser degree. At the end of wave ((v)), pair should complete wave 3 in larger degree.
Up from wave ((iv)), wave i ended at 148.6, wave ii ended at 148.28, wave iii ended at 150.1, and wave iv is proposed complete at 149.28. Near term, expect wave (i) to end soon with 1 more marginal high in wave v, then pair should pullback in wave (ii) to correct cycle from February 22 low before the rally resumes. As far as February 22 pivot at 147.52 low stays intact, expect dips to find buyers in 3, 7, or 11 swing. Alternatively, instead of ending wave (i) of ((v)), GBPJPY can end wave ((v)) already and thus complete cycle from January 18 low. In this case, pair can see a larger degree correction in wave 4 before the rally resumes.
GBP/JPY 45 minutes Elliott Wave chart
