FX.co ★ Elliott wave analysis of GBP/JPY for September 2, 2022

GBP/JPY is locked inside a descending triangle that continues to call for more downside progress towards the 38.2% corrective target at 154.41 and maybe even closer to the 50% corrective target at 150.09, but only time will tell. The descending triangle is coming close to its completion, but we can't exclude a final rally towards 163.25 before it's ready to take on support near 160.00 in full. The pair might break below before the expected decline towards 154.41 and maybe lower.