FX.co ★ Elliott wave analysis of GBP/JPY for January 28, 2022

GBP/JPY seems to have complete its correction from 157.77 at 153.24 and should be headed back to new highs for this up-cycle closer to the 160.54 target and maybe even closer to the 163.39 target. Only time will tell.

The rally to the new high will be the last in this up-cycle and set the stage for a lager corrective decline back towards support near 149.00.