FX.co ★ Elliott wave analysis of GBP/JPY for March 30, 2022

GBP/JPY pierced our 163.39 target as expected and spiked higher to 164.64 before loosing power and turned around just to decline even faster, than it rallied. The spike to 164.64 marked the peak of wave v of the rally from 123.99 the low in March 2020. We should now be looking for a larger correction with the first corrective target seen at 149.12. The expected correction could be deeper than that, but just let's see what happens as GBP/JPY now shifts direction from up to down and moves lower towards 149.12 as the first corrective target.