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

GBP/JPY rallied to our expected target at 154.41 and then to a peak of 157.20. This is more than enough to fulfill the corrective target and see the final wave lower towards the 61.8% corrective target at 145.76 to complete the corrective decline from 168.43. Once this correction is complete we should see another impulsive rally above the peak at 168.43 for a run towards 180.50.

In the short term, a break below 153.45 confirms renewed downside pressure towards the expected corrective target at 145.76.