Automatic wave scan: as of 5 Nov 2026, the automatic daily count for GBP/JPY is Wave C up with a bullish bias. The count stays valid while price holds 206.90.
Current GBP/JPY wave count
Automatic wave scan Updated daily from the latest daily close (5 Nov 2026). Computer generated from swing highs and lows, not reviewed by an analyst.
Automatic scan: the five wave decline from 219.52 (15 Jul 2026) looks complete and price is in wave C, the last leg of a correction. Next levels to watch are 213.62 and 214.67. The view fails on a daily close below 206.90.
Key levels
| Type | Levels |
|---|---|
| Resistance | 217.46 · 216.27 |
| Support | 206.90 · 211.25 |
| Invalidation | 206.90 |
What is GBP/JPY?
GBP/JPY shows how many yen one British pound buys. It is a cross pair, meaning it does not include the US dollar. Many traders call it the Guppy, and some call it the Dragon because of its wild swings.
The pair is popular with carry traders when UK rates are much higher than Japanese rates. That can lift it steadily for months, but carry unwinds can cause sharp falls.
What moves the GBP/JPY price?
- UK and Japan rate gap: A wider gap supports carry demand and pushes the pair higher.
- Global risk mood: Fear in markets drives yen buying and sharp drops in GBP/JPY.
- Bank of Japan decisions: Signs of higher Japanese rates can strengthen the yen.
- UK data: Inflation and jobs data move the pound side of the pair.
How GBP/JPY moves in Elliott Wave terms
Because of its large ranges, GBP/JPY shows clear impulsive waves on intraday charts. Wave 3 often extends far beyond the 1.618 ratio. The downside is that stop distances must be wide, often more than 100 pips on the 4-hour chart.
Watch for sharp wave C declines during carry unwinds, which can complete in days.
Tips for counting GBP/JPY waves
Use small position sizes because of the wide stops. Check both GBP/USD and USD/JPY to see which side is driving.
GBP/JPY key facts
GBP/JPY Elliott Wave FAQ
Why is GBP/JPY so volatile?
It combines two currencies with very different drivers: the pound reacts to UK news, and the yen reacts to global risk and Japanese policy.
What is a cross pair?
A currency pair that does not include the US dollar, such as GBP/JPY or EUR/GBP.
Is GBP/JPY good for beginners?
Its large swings make losses grow quickly, so beginners should use small sizes or start with calmer pairs such as EUR/USD.
Sources and further reading
- BIS Triennial Central Bank Survey of foreign exchange turnover (Bank for International Settlements)
- Monetary Policy Summary (Bank of England)
- Monetary policy (Bank of Japan)
Educational content only. Nothing on this page is financial advice or a recommendation to buy or sell. Trading involves risk and you can lose money. Elliott Wave counts are probabilities, not certainties. Read our full disclaimer and affiliate disclosure.
