GBPJPY seems to be forming a global corrective trend which takes the form of a double zigzag. On the 1H timeframe, the final actionary wave y of the cycle degree is underway.
Wave y takes the form of a triple zigzag Ⓦ-Ⓧ-Ⓨ-Ⓧ-Ⓩ of the primary degree. After the end of the second intervening wave Ⓧ, which took the form of a triple combination, prices began to move higher.
Wave Ⓩ forms a standard zigzag, in which the first two parts have ended. In the coming trading weeks, the intermediate correction wave (C) is likely to increase, as shown in the chart.
The completion of the entire wave Ⓩ is possible near 182.92. At that level, wave Ⓩ will be at 61.8% of wave Ⓨ.
According to an alternative scenario, the market builds not a double, but a triple zigzag w-x-y-x-z of the cycle degree.
Now in the last section of the chart, we see a corrective movement in the cycle wave x. This wave, judging by its structure, could take the form of a triple zigzag Ⓦ-Ⓧ-Ⓨ-Ⓧ-Ⓩ.
It is possible that the market will fall in the last wave Ⓩ to 146.44. At that level, cycle wave x will be at 50% of actionary wave y.
