The GBPJPY structure shows a primary complex pattern consisting of an (A)-(B)-(C) standard zigzag.
Wave (A) is a 5-wave bullish impulse, and wave (B) a double zigzag consisting of minor sub-waves W-X-Y. Wave (C) is currently under construction, and it is also a 5-wave bullish impulse.
The minor degree impulse wave 1 looks fully completed. Now, the market is moving down in wave 2.
In the short term, we could see prices decline near 130.47, at 61.8% of wave 1. Then an upside in waves 3, 4, and 5 should follow.
An alternative scenario indicates that the correction wave (B) is a triple zigzag W-X-Y-X-Z.
According to this structure, we are now correcting in the final wave Z.
If this hypothesis is correct, then we could see wave Z end near the 128.82 area.
At that level, wave Z will be at the 61.8% extension of lines of minor waves x-y-x.