Elliott Wave Outlook: GBPJPY Set to Rally to Target 201.2
The bullish cycle initiated from the April 2025 low continues to unfold as a five-wave impulse pattern. As depicted in the one-hour chart, wave 4 concluded at 195.02. The pair has since reversed upward and is poised to breach the previous wave 3 peak at 199.97, reinforcing the bullish outlook. A confirmed breakout above this level would signal the continuation of the upward trajectory. The minimum target for this move is the 123.6% inverse Fibonacci retracement of wave 4, projecting a level of 201.2.
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