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

GBP/JPY is getting absolutely nowhere. The most likely pattern unfolding here is a descending triangle as wave B/. We have apparently seen a top at 166.31 for renewed downside pressure towards the triangle support line near 160.00. A break below here will confirm the next decline towards 154.41.

Short-term a break below minor support at 164.19 will set the stage for a decline towards the triangle support line at 160.00.