The current structure of GBPJPY shows a cycle degree wxy zigzag. With waves w and x completed, a double Ⓦ-Ⓧ-Ⓨ zigzag is now expected to complete wave y of the cycle degree pattern.
Wave Ⓨ is an intermediate zigzag (A)-(B)-(C), which requires the completion of a bullish impulse in sub-wave (C).
It is assumed that prices could rise to the 158.21 area. At that level, wave (C) will be at the 61.8% Fibonacci extension of (A).
In an alternative scenario, only the first part of the primary wave Ⓨ is completed; wave (A) of the intermediate degree.
We can expect the development of a bearish corrective wave (B). This is likely to take the form of a simple zigzag consisting of minor sub-waves A-B-C.
The zigzag could complete its pattern near 145.22. At that level, wave (B) will be at 50% of impulse (A).
After that, the intermediate impulse wave (C) could lead prices above impulse wave (A).