FX.co ★ Elliott wave analysis of GBP/JPY for March 10, 2023

A break below minor support at 161.19 will confirm that wave iv has been completed and wave v lower to 145.76 is in motion. The decline to our ideal target at 145.76 will complete the entire correction from April 2022 and should set the stage for the next major rally higher to 203.00.

However, for now, our focus should be on a break below minor support at 161.19 which should cause a decline to the 145.76 target.