FX.co ★ Elliott wave analysis of GBP/JPY for August 3, 2022

GBP/JPY is fighting its way lower towards support near 157.50 and likely even closer to support at 154.41 before we should look for the next impulsive rally higher. We could see a sudden faster dip like a ketchup bottle once support at 160.43 breaks for real.

Only an unexpected direct break above resistance at 166.33 will indicate that the correction has completed pre-maturely and new highs are in sight near 175.35.