GBPJPY seems to be forming a global corrective trend taking the form of a triple zigzag. On the 1H timeframe, the final actionary wave z of the cycle degree is underway.
Wave z takes the form of a simple zigzag Ⓐ-Ⓑ-Ⓒ of the primary degree. This could soon be fully completed. After the end of the correction Ⓑ, which took the form of a triple combination, the price began to move higher.
It is possible that the first four parts have ended as part of the potential impulse Ⓒ. Thus, in the next coming trading weeks, the intermediate impulse (5) is likely to move higher.
The completion of the entire wave Ⓒ is possible near 174.10. At that level, wave z will be equal to wave y.
Let’s look at an alternative option. Perhaps at the level of 168.43, the formation of an intermediate impulse (3) has come to an end.
Thus, in the last section of the chart, we see a corrective decline in the intermediate wave (4). The correction (4) could take the form of a minor double zigzag W-X-Y.
It is possible that prices will lower in the minor wave Y to 155.16. At that level, correction (4) will be at 76.4% of impulse (3).