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06.12.2022 08:32 AM
Elliott wave analysis for GBP/JPY for December 6, 2022

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GBP/JPY continues to point lower as the correction from late April remains in progress. We are looking for the final wave C to complete the correction. This wave C should move lower to test support 150.08 and likely the 61.8% corrective target at 145.46 before it is finished and a new impulsive rally should be expected.

Short-term we would like to see a break below support at 163.03 to confirm the expected downside pressure and add downside acceleration towards 159.89 and 155.97 on the way towards 150.08 and 145.46.

Torben Melsted,
Analytical expert of InstaForex
© 2007-2024
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