FX.co ★ Elliott wave analysis of GBP/JPY on June 22, 2022

GBP/JPY is re-testing the former high at 168.73. We do expect this high to cap the upside a third time, more likely we will not get quite there, but peak just below for a lager corrective decline towards 150.09. That said, we must allow for a test of the former peak at 168.73 and even a slight break above, but it should prove very short-lived and the downside pressure should soon dominate for the expected decline towards 150.09.