FX.co ★ Elliott wave analysis of GBP/JPY for July 28, 2022

GBP/JPY looks ready to resume its corrective decline towards at least 154.41 and possibly closer to the 50% corrective target at 150.09. Once this correction is complete, we will look for renewed strength and a clear break above the former top at 168.43. For now, we need to stay focused on the ongoing correction and a decline to at least 154.41 and maybe lower.