FX.co ★ Elliott wave analysis of GBP/JPY for July 12, 2022

GBP/JPY should continue lower towards our first target at 158.01 in the coming days. Ultimately, we are looking for a decline to at least 154.41 and ideally closer to the 50% corrective target at 150.09.

Short-term we see minor resistance at 164.30 that ideally will act as a cap for a break below minor support at 159.98 which confirms the expected decline to 154.41 and ideally to 150.09.