FX.co ★ Elliott wave analysis of GBP/JPY for October 18, 2022

GBP/JPY has broken above resistance at 168.62 indicating a continuation higher towards 176.50 as the next upside target and possibly even closer to the extension target seen at 179.12. Short-term we see support at 168.62 which ideally will be able to protect the downside for the expected rally higher to 176.50. Should we see a break below 168.62, we see strong support near 165.37.