The current GBPJPY structure hints at a corrective wave (B) of the intermediate degree, which is a triple combination W-X-Y-X-Z, or widely known as a triple zigzag.
The successful completion of the second minor wave X suggests that the most recent bearish move might form the last corrective wave, wave Z.
Wave Z will most likely take the form of a zigzag ⓐ-ⓑ-ⓒ, but it could also turn into an ending diagonal. However, the chances of the latter are limited at this stage at least.
Usually, last waves of triple zigzag patterns move beyond previous swing highs/lows. It is, therefore, possible that prices will decline below 140.93, where wave Y will eventually conclude the (B) correction.
In case prices remain near the current levels in the short-term and then trade higher, leading the currency pair to fresh highs, we can also expect a triple zigzag in intervening wave X.
When taking into consideration the above scenario, prices seem to be forming the second wave ⓧ of the minute degree corrective pattern.
This could be completed soon and followed by the final zigzag wave ⓩ near 144.91, or higher.
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