FX.co ★ Elliott wave analysis for GBP/JPY for October 14, 2022

The rally above resistance at 165.72 indicates that the correction that began after the test of 168.43 in late April was completed with the test of the 50% corrective target. A new rally towards 180.68 should be expected.

In the short term, we will be looking for a clear break above resistance at 168.43 to confirm that the correction has been completed and the next impulsive rally is developing. It will take an unexpected break back below support at 159.73 to revive the correction from 168.43 and a revisit to support in the 148.63 - 150.09 area