FX.co ★ Elliott wave analysis of GBP/JPY for June 1, 2022

We continue to look for more downside pressure as the correction from 168.43 persists, but as it's the case with X and B-waves all possible options are open. That means we could see a peak near 164.25 or maybe see a flat correction that would see a peak near 168.43. Will an expanded flat develop for a peak near 173.22? Only time will tell, but a break below minor support at 160.94 will confirm that ten X-wave has completed and renewed downside pressure towards 150.09 should be expected.