FX.co ★ Elliott wave analysis of GBP/JPY for August 8, 2022

GBP/JPY remains in a messy corrective decline and we continue to look for more downside pressure towards 154.41 and maybe even closer to the 50% corrective target seen at 150.09. Short-term we need a break below minor support at 161.12 to add renewed downside pressure.

Short-term resistance is seen near 165.85 which we expect will be able to cap the upside for renewed downside pressure.