Short term Elliott Wave View in GBPJPY suggests that the decline from 10.13.2022 high is unfolding as a double three Elliott Wave structure. Down from 10.13.2022 high, wave ((W)) ended at 163 and rally in wave ((X)) ended at 169.03. Internal of wave ((X)) unfolded as a double three structure. Up from wave ((W)), wave (W) ended at 166.2 and pullback in wave (X) ended at 164.39. Wave (Y) higher ended at 169.03 which completed wave ((X)) in higher degree.
Wave ((Y)) lower is in progress with internal subdivision as a zigzag structure. Down from wave ((X)), wave ((i)) ended at 167.13 and rally in wave ((ii)) ended at 168.79. Pair resumed lower in wave ((iii)) towards 166.24 and rally in wave ((iv)) ended at 167.44. Pair then resumed lower again in wave ((v)) towards 165.78 which ended wave 1 in higher degree. Rally in wave 2 is currently in progress to correct cycle from 11.23.2022 high before the pair resumes lower again. Near term, as far as pivot at 169.03 high stays intact, expect rally to fail in 3, 7, or 11 swing for further downside in wave 3.
