FX.co ★ Elliott wave analysis for GBP/JPY for December 6, 2022

GBP/JPY continues to point lower as the correction from late April remains in progress. We are looking for the final wave C to complete the correction. This wave C should move lower to test support 150.08 and likely the 61.8% corrective target at 145.46 before it is finished and a new impulsive rally should be expected.

Short-term we would like to see a break below support at 163.03 to confirm the expected downside pressure and add downside acceleration towards 159.89 and 155.97 on the way towards 150.08 and 145.46.