FX.co ★ Elliott wave analysis of GBP/JPY for July 8, 2022

We are looking for a break below support at 159.98 to confirm that the X-wave has peaked at 168.98 and wave Y now is in motion towards the 150.09 target and possibly even lower to the 61.8% corrective target near 145.72.

We expect minor resistance at 164.62 will be able to cap the upside for a break below support at 159.98 confirming the next part of the decline towards 150.09.