The GBPJPY structure shows a cycle degree double zigzag w-x-y. At the time of writing wave y is under development.
It consists of three sub-waves Ⓐ-Ⓑ-Ⓒ of the primary degree. Impulse wave Ⓐ and bullish correction Ⓑ have fully completed their pattern. Impulse wave Ⓒ is still under construction.
With the first two parts of impulse Ⓒ formed, namely, intermediate waves (1)-(2) and (3) half-built we expect the bearish move to continue.
Price is expected to experience more declines in wave (3), correct in wave (4) and then conclude its course in wave (5) near 131.89.
At that level, impulse Ⓒ will be at 61.8% of impulse Ⓐ.
An alternative scenario indicates that correction wave Ⓑ is not yet complete.
It could turn out to be a bullish zigzag consisting of intermediate sub-waves (A)-(B)-(C). At the moment we see the completion of correction (B), and soon impulse wave (C) could begin.
The intermediate wave could rise to 139. At that level, correction wave Ⓑ will be at 61.8% of wave Ⓐ.