Forex Analysis & Reviews: Elliott wave analysis of GBP/JPY for May 9, 2022

We see a should/Head/Should top building and the neckline support currently sitting near 159.63 a clear break below the neckline support will call for a continuation lower towards support at 157.96 and 154.14 as the next downside targets.

The neckline support should not be to difficult to break confirming the top and the continuation of wave C lower towards support near 134.14 and possibly even lower towards the 50% target at 150.09.

Analysis are provided by InstaForex