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The current GBPJPY structure hints to an intermediate degree corrective wave (B), heading downwards.

Wave (B) consists of minor sub-waves А-В-С, where wave A is fully completed, but B is still under construction.

Wave B’s formation suggests a further upside as part of a zigzag in which sub-wave ⓑ is a triangle.

We could see the minute wave ⓒ ending near 145.15. The target would respect the tenancy of impulse waves ⓐ and ⓒ being equal.


An alternative option hints to a nearly-completed zigzag formation where wave C is just about to start.

In this case, wave B could be completed near 144.00. At that level, sub-minute (y) will be at the 61.8% of sub-minute wave (w).

The round resistance test could be followed by a bearish impulse near 139.73. That target would respect the 61.8% retracement when comparing the minor waves A and C.

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