FX.co ★ Elliott wave analysis for GBP/JPY for September 26, 2022

GBP/JPY declined much quicker to the 50% corrective target at 150.09 than we expected. That will likely mean that GBP/JPY after some consolidation towards 154.41 will take a new dive through support at 150.09 towards the 61.8% corrective target seen at 145.76 before a corrective low is in place.

Short-term we see minor resistance at 152.387 and then at 154.41.