FX.co ★ Elliott wave analysis of GBP/JPY for August 29, 2022

GBP/JPY is developing a corrective rally from 123.99 to 167.91 and should at least see another decline to 154.41 and ideally closer to the 50% corrective target seen at 150.09. A break below support at 160.09 will confirm the decline to 154.41, while a break above minor resistance at 162.68 will delay the downside pressure for another mini-rally towards 164.25 before turning lower again.