FX.co ★ Elliott wave analysis of GBP/JPY for May 11, 2022

GBP/JPY should see a strong test of the neckline support near 159.77 anytime now and a break below here confirm a continuation lower to the 154.41 target and maybe even closer to the 50% target at 150.88 as wave C progresses.

For now a firm test of the neckline support at 159.77 is in the cards.