FX.co ★ Elliott wave analysis of GBP/JPY for June 15, 2022

GBP/JPY dropped to minor support near 165.17 without any problems confirming our expectation of renewed downside pressure as wave Y unfolds towards strong support near 154.41 and maybe even closer to the 50% corrective target at 150.09.

But for now, we should remain focused on the downside and a test of the first of our targets at 154.41 in the weeks to come.