The GBPJPY structure shows the formation of a bearish Ⓐ-Ⓑ-Ⓒ zigzag. Wave Ⓐ is fully complete and formed a 5-wave impulse.
We are currently in the final leg of the corrective wave Ⓑ. This takes the form of a simple intermediate (A)-(B)-(C) zigzag.
In the short term, we could see an increase in impulse (C) to the 139.04 area. At that level, correction Ⓑ will be at 61.8% of primary wave Ⓐ.
We could then see a decline in wave Ⓒ below the previous minimum.
Alternatively, the pair hints at a triple zigzag consisting of primary sub-waves Ⓦ-Ⓧ-Ⓨ-Ⓧ-Ⓩ.
At the time of writing, we see the development of the final part of this triple combination. This is a bullish wave Ⓩ, which takes the form of an intermediate zigzag.
We could then see an increase in the intermediate impulse (C) to the 142.80 area. This would be to the previous maximum formed by impulse (A).
