The 100% Fibonacci target of wave Y (magenta) is equal to the 23.6% retracement of wave 4 (green).
Price could be close to a bullish breakout when it pushes above the resistance trend line (orange).
The GBPUSD is in a contracting triangle, which is symbolized best by the support and resistance trend lines (green and orange) on the chart.
A breakout could occur if price manages to break above or below one of the two trend lines.
The USD/JPY completed the wave B (red) quickly and is now in a bearish momentum as part of a zigzag correction (ABC) within the wave 4 (dark red).
An expansion of the correction could be taking place on the lower time frames as the USD/JPY completes a wave W (red).