GBPJPY seems to be forming an intermediate bullish impulse (A) consisting of minor sub-waves 1-2-3-4 and 5.
The current structure suggests that the minor corrective wave 4 is a triangle and it’s coming to an end soon.
After the full completion of wave 4, we could expect bulls to start pushing prices higher to form minor wave 5.
A closer look at the 1H timeframe shows that wave ⓔ of the minute triangle is under development. That would mark the final leg of triangle wave 4.
Wave ⓔ of wave 4 consists of minuette degree waves (a)-(b) and (c).
Shortly, we could see the completion of the wave ⓔ near the 139.48 confluence level. That could be followed by a bullish move near the 145, where minor wave 5 will be at the 50% Fibonacci extension of impulse wave 3.