GBP/JPY is currently locked inside a narrow trading range between 155.95 - 157.45. Once this consolidation is complete, a new impulsive rally higher towards our first target at 160.54 should be expected to complete wave iii. If there remains enough energy back in the rally from 132.67, wave iii could extend to our second target at 163.39, but only time will tell.
Short-term we will likely see a final dip closer to support near 155.95 before GBP/JPY turns higher for a break above minor resistance at 157.45 for a rally towards 160.54. Once GBP/JPY exceeds the former peak at 158.20, all requirements to the rally from 132.67 will have been fulfilled and wave iii could complete anytime, but ideally close to 160.54 or even 163.39.