FX.co ★ Elliott wave analysis of GBP/JPY for February 7, 2022

GBP/JPY has not broken through yet the former peak at 157.60. It should just be a matter of time before this peak is overcome for a continuation higher towards our long-term target at 160.54 and maybe even closer to the extension target at 163.39.

Support is now seen at 154.57 which ideally will protect the downside for the break above resistance at 157.60 and then higher to 160.54.