Short Term Elliott Wave View in GBPJPY suggests the decline from February 11, 2022 high is in progress as a 5 waves impulse Elliott Wave structure. Down from February 11 high, wave (1) ended at 153.32 and rally in wave (2) ended at 155.23. The 45 minutes chart below shows the internal subdivision of wave (2) unfolded as an expanded Flat structure. Wave A of (2) ended at 155, wave B of (2) ended at 152.64, and wave C of (2) finished at 155.26.
Wave (3) is now in progress as another impulse in lesser degree. Down from wave (2), wave ((i)) ended at 154.54 and rally in wave ((ii)) ended at 154.22. Pair then resumes lower in wave ((iii)) towards 151.44, and wave ((iv)) ended at 152.23. Final leg lower wave ((v)) ended at 150.95 which should complete wave 1 in higher degree. Near term, wave 2 rally is ongoing to correct cycle from March 3 peak in 3 or 7 swing. Up from wave 1, wave ((a)) ended at 151.93 and dips in wave ((b)) ended at 151.35. As far as pivot at 155.26 high remains intact, expect rally to fail in the sequence of 3, 7, or 11 swing for further downside.
