USDJPY: 109.65 Likely To Complete Bullish Impulse

USDJPY seems to be nearing the end of a primary bullish impulse pattern consisting of waves ①-②-③-④ and ⑤.

With primary and intermediate waves one, two, three and four completed, we can now expect the final leg to finalize minor wave 5, thus, conclude the primary move.

A closer look at the 1H timeframe shows the entire intermediate and minor structures of the bullish impulse.

Focusing on the most recent minor 5-wave impulse, we can notice that the first three of the five parts of the minor move look done. We can now expect minor waves 4 and 5 to play out.

The end of a potential complex minute correction spotted in the short-term chart could send prices down to form minor correction wave 4.

A successful correction could be the beginning of the end of the bullish minor impulse wave 5 near the 109.65 area.

The projected target would respect the tenancy of wave 5 being extended 61.8% when compared to wave 3.