The GBPJPY structure hints to a triple zigzag consisting of primary waves Ⓦ-Ⓧ-Ⓨ-Ⓧ-Ⓩ.
At the time of writing, the final wave Ⓩ is under development. This takes the form of a standard (A)-(B)-(C) zigzag. Intermediate sub-waves (A) and (B) are complete, whereas impulse wave (C) is under formation.
Wave (C) has completed sub-waves 1-2-3 and 4. We could now expect the price to extend up for the completion of wave 5 to 142.11.
The level would respect the tenancy of primary waves Ⓩ and Ⓨ being equal.
An alternative scenario shows that impulse wave 3 of (C) is complete. However, the correction wave 4 has only just started developing.
We could expect the market to decline in wave 4 near 137.58 first. At this level, the price will be at 50% of wave 3.
After the completion of the corrective move, the price is expected to rise in wave 5 to 142.11.