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

Our preferred count remains firmly in place here as we are looking for a continuation to support at 163.03. A break below here will confirm our outlook for a corrective decline to 150.09 and likely even closer to the 61.8% corrective target at 145.76 before the correction from 168.43 finally comes to an end and a new impulsive rally should be expected.

Short-term we see resistance near 167.79 which we expect will be able to protect the upside for a continuation lower towards 163.03 and ultimately below here too.