FX.co ★ Elliott wave analysis of GBP/JPY for March 23, 2022

GBP/JPY has already reached our first target at 160.54 and is now headed higher towards our second target at 163.39 where we expect an exhaustion of the underlying uptrend. That said, we don't see any divergence between price and the RSI, only an overbought situation for the RSI, which only means, that a temporary top soon could be seen, but it's important to stress that it's only a temporary peak before renewed upside pressure towards our target at 163.39.