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

GBP/JPY continues to rally. It is closing in on our long-term target at 163.39. We would not be surprised to see 163.39 surpassed slightly, but we expect the on-going rally to be a cap near the long-term target at 163.39 for a larger corrective consolidation towards 156.85 and possibly even closer to 151.81. Now, the main focus should remain towards the upside for a rally to 163.39. However, the best of the rally is behind us now.