FX.co ★ Elliott wave analysis of GBP/JPY for April 11, 2022

GBP/JPY has likely peaked and should continue to find downside pressure towards 156.88 - 158.23 however a break above the former peak at 164.65 will call for a little more upside closer to 167.00 before running into the brick wall. The current mini-rally is viewed as a b-wave and they are always the hardest to read as they can take on whatever shape you can imagen for the Elliott Wave selection.

A break below minor support at 161.39 will confirm that wave b is complete and wave c lower to 158.23 is in motion.