FX.co ★ Elliott wave analysis of GBP/JPY for February 1, 2022

GBP/JPY finally seem to have complete the deeper than expected correction from 157.77. The next rally should take GBP/JPY higher to the long-term target at 160.54 before a larger correction takes over. The last 6 months has been three steps forward and two back so progress has been really slow, but the 160.54 remain our prime target, while the possibility of a rally towards the extended target at 163.39 remains a possibility. Once this final rally is complete and new more prolonged correction should take over a bring GBP/JPY back down to strong support near 149.00.