FX.co ★ Elliott wave analysis of GBP/JPY for June 3, 2022

The ongoing X-wave should be close to completion. Ideally, we will see a test of resistance near 164.12 before the next wave lower starts towards the 154.41 target and ideally closer to the 150.08 target to complete the correction from 168.41.

That said, we need to stress, that all options remain open and a clear break above resistance at 164.12 will call for a flat correction and a return to 168.41 before turning lower again. This is not our preferred scenario at this point, but B- and X-waves can do all the unexpected things and often will.