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13.05.202208:12 Forex Analysis & Reviews: Elliott wave analysis of GBP/JPY for May 13, 2022

Exchange Rates 13.05.2022 analysis

GBP/JPY had no time to consolidate near 158.00 rather it broke right through this support and should soon see a test of the 38.2% corrective target at 154.41 and likely also closer to the 50% corrective target at 150.09.

As the expected consolidation just above 158.00 failed, we could instead seen some consolidation just below 158.00 before renewed downside pressure towards the 154.41 target.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

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