The short‑term Elliott Wave view in GBPJPY shows the cycle from the April 30, 2026 low unfolding as a diagonal. From that low, wave ((i)) ended at 214.05, followed by a corrective pullback in wave ((ii)) that reached 211.18. The pair then advanced in wave ((iii)) toward 215.6. A retracement in wave ((iv)) completed at 212.34, as reflected in the one‑hour chart. This sequence sets the foundation for wave ((v)), which is developing as a five‑wave structure.
From the end of wave ((iv)), wave (i) advanced to 214.67. The subsequent pullback in wave (ii) concluded at 212.53. In the near term, as long as the pivot at 212.53 remains intact, pullbacks should find support in either a three‑swing or seven‑swing corrective sequence. This support is expected to guide the pair higher, completing wave ((v)) of wave 1 at a larger degree.
Once wave 1 finishes, GBPJPY should enter a corrective phase in wave 2. That retracement will correct the cycle from the April 30 low and is likely to unfold in three or seven swings. Such a correction would reset conditions, preparing the market for another rally. The structure emphasizes the importance of the 212.53 pivot. Holding above this level sustains the bullish bias and supports the view that the diagonal pattern is progressing toward completion.
GBPJPY 60-Minute Elliott Wave Chart
GBPJPY Elliott Wave Video:
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