FX.co ★ Elliott wave analysis of GBP/JPY for April 20, 2022

GBP/JPY has now reached the 168.26 target and the impulsive rally since 123.99 is ideally complete and a larger corrective decline towards at least 156.89 and possibly even closer to 150.09 is now expected in the weeks ahead.

Short-term a break below minor support at 166.15 will be a strong indication that the expected correction is unfolding, while a break below support at 165.45 will confirm the correction is in motion for the decline to at least 156.89 and possibly lower.