FX.co ★ Elliott wave analysis of GBP/JPY for July 1, 2022

GBP/JPY looks ready for the next decline towards the 50% corrective target at 150.09. There will be clearly solid support seen at 160.00 and 155.00, but we expect both to be broken for the corrective decline closer to the 50% corrective target at 150.09 and maybe even closer to the 61.8% corrective target at 145.76, but for now, we focus our attention on support at 160.00.