In the long term, GBPJPY seems to be forming a global corrective trend that takes the form of a double zigzag. On the 1H timeframe, the final actionary wave y of the cycle degree is visible.
It seems that the wave y takes the form of a triple zigzag of the primary degree Ⓦ-Ⓧ-Ⓨ-Ⓧ-Ⓩ, which could soon end. After the end of the second intervening wave Ⓧ, which took the form of a triple combination, prices moved higher.
Most likely, the wave Ⓩ takes the form of a triple zigzag, in which four parts look finished. Shortly, growth is likely within the final intermediate wave (Z). The completion of the entire wave Ⓩ is possible near 176.04. At that level, wave Ⓩ will be at 76.4% of wave Ⓨ.
In an alternative scenario, the market builds not a double, but a triple zigzag w-x-y-x-z of the cycle degree. Now the intervening wave x, which could take the form of a triple zigzag Ⓦ-Ⓧ-Ⓨ-Ⓧ-Ⓩ is forming.
It is assumed that the first four parts of the primary correction pattern have ended.
Perhaps in the near future, the market will fall in the last wave Ⓩ to 148.10. At that level, cycle wave x will be at 50% along the Fibonacci lines of actionary wave y.
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