"GBPJPY looks like its in a Flat" move. Initial move up, followed by 3 waves correction and then a continuation move up- A simple setup.
It seems to have completed 2 of the 3 the waves (A , B) and is now likely to head down for the wave C.
This move down completes the 3 wave corrective pattern which means, after the move down, GBPJPY will head up. A classic "sell high", "Buy Low" formation in progress.
There is bearish divergence between the points A and B and between the last two moves internally within the wave B. This "signals" that a down move might be coming up soon.