FX.co ★ Elliott wave analysis of GBP/JPY for February 21, 2023

It has been a while since we looked at GBP/JPY, but then nothing much has happened here. GBP/JPY has been consolidating with a slightly ascending bias over the last two months. We could see GBP/JPY move slightly higher to resistance at 163.00 before renewed downside pressure is expected towards 145.76.

Short-term a break below support at 160.10 will confirm that the consolidation has been completed and the next leg lower towards 163.00 is in progress.