The current GBPJPY structure hints to a primary bullish impulse Ⓐ that was completed near the 148 round level.
What follows seem to have taken a bearish formation consisting of corrective sub-waves (A), (B), and (C).
Wave (A) of the intermediate-degree move is fully completed, whereas (B) is still under construction.
A slight decline in the minor wave B near the 142.14 area could be expected, followed by a minor upward C.
We could expect the latter to take a 5-wave impulsive structure that could take prices towards the 61.80% Fibonacci retracement, near 145.44.
In case this scenario fails, we should keep an alternative structure in mind. According to that analysis, we could be looking at a double zigzag consisting of primary sub-waves Ⓦ-Ⓧ-Ⓨ.
This scenario sees wave Ⓨ as incomplete, whereas waves Ⓦ and Ⓧ are both done.
Given the potential scenario, we could expect the pair to appreciate in a 5-wave impulsive structure again, however, this time near the 150 area.
This target would respect the tenancy of waves (A) and (C) being equal.
