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GBP/JPY Eyes 170

10/13/2022

Less than a minute

2022.10.13 14:28

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Gregor Horvat

The pair is nicely playing out from the Elliott wave perspective.

Ten days ago, we shared GBP/JPY’s 4-hour chart with our member, where we mentioned and highlighted a five-wave bullish impulse within a higher degree wave (5).

GBP/JPY 4H Chart From Oct. 3

As you can see in the updated chart below, GBP/JPY remains bullish, as expected. After we spotted a wave 4 correction in the 4-hour chart, we can now see a strong bullish continuation, ideally within the final wave 5 of (5), which can push the price even up to 170 before it finds the top.