FX.co ★ Elliott wave analysis of GBP/JPY for May 13, 2022

GBP/JPY had no time to consolidate near 158.00 rather it broke right through this support and should soon see a test of the 38.2% corrective target at 154.41 and likely also closer to the 50% corrective target at 150.09.

As the expected consolidation just above 158.00 failed, we could instead seen some consolidation just below 158.00 before renewed downside pressure towards the 154.41 target.