Elliott Wave View: GBPJPY Decline Extends in Wave 3
GBPJPY decline from April 9, 2020 high is unfolding as a
Wave 3 lower is currently in progress and subdivides as a 5 waves impulse in lesser degree. Down from wave 2 at 135.45, wave (i) ended at 134.51, and bounce in wave (ii) ended at 135.08. Pair resumes lower in wave (iii) towards 132.5, and bounce in wave (iv) ended at 133.18. Last leg wave (v) is expected to end soon and it should complete wave ((i)) in higher degree as well. Pair should afterwards bounce in wave ((ii)) to correct cycle from May 1, 2020 high before the decline resumes. Near term, as far as pivot at 135.45 high stays intact, expect bounce to fail in 3, 7, or 11 swing for further downside in wave ((iii)) of 3.
GBPJPY 60 Minutes Elliott Wave Chart

GBPJPY Elliott Wave Video