FX.co ★ Elliott wave analysis of GBP/JPY for May 12, 2022

GBP/JPY has broken below the neckline support calling for more downside pressure towards at least 154.41 but more likely closer to the 50% corrective target at 150.09. Short-term we should see support near 158.00 for a minor rally back to re-test the broken neckline, which now acts as resistance before renewed downside pressure towards 154.41 and lower.