The GBPJPY pair 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, prices moved higher.
Most likely, the wave Ⓒ takes the form of an ending diagonal. In the next coming trading weeks, growth is likely within the intermediate corrective wave (5).
The completion of the entire wave Ⓒ is possible near 174.09. At that level, wave z will be equal to wave y.
Let’s look at an alternative scenario. Perhaps, at the level of 168.34, the formation of the intermediate impulse (3) has ended.
Thus, in the last section of the chart, we see a corrective sideways movement in the intermediate wave (4). Correction (4) can take the form of a minor double three W-X-Y.
It is possible that prices will fall in the minor wave Y to 155.13. At that level, correction (4) will be at 76.4% of impulse (3).