FX.co ★ Elliott wave analysis of GBP/JPY for June 17, 2022

GBP/JPY should ideally stay below the double-top peak at 168.43 and continue falling towards the long-term target near 154.14 and maybe even towards the second target at 150.09 before we can expect renewed upside potential here.

Should we unexpectedly see a break above 168.43 that will be very short-lived, the following decline will be strong and relentless, so don't get carried away by a new high for the impulsive rally from March 2020 as it's playing the final tunes.