FX.co ★ Elliott wave analysis of GBP/JPY for January 23, 2023

GBP/JPY has been corrected since the 168.41 peak back in late April 2022. We are missing the final dip lower to 145.76 to complete the correction in wave 2 and set the stage for the next impulsive rally above 172.13 towards 195.50.

Short-term we expect minor resistance at 162.33 to be able to cap the upside for the final dip closer to the ideal target at 145.76 to complete wave 2 and then higher in wave 3.