There is a projected pattern on the USDJPY structure above that suggests further upside after the successful completion of primary wave ②. It assumes that January’s low at 107.65 ended with cycle wave b, which hints to 5-wave bullish move to complete wave c higher up.
If the structure was identified correctly, primary wave ③ has just begun. We could then expect the potential 5-wave impulse move to reach to at least the previous high of 110.30.
If the structure will not unroll as expected, this suggests that the primary wave ② hasn’t yet found a low.
The correction could then turn into a triple zigzag ⓦ-ⓧ-ⓨ-ⓧ-ⓩ and lead to a short-term weakness before further clues are exposed.
In this case, the bullish intervening wave ⓧ could end soon and then, followed by a final zigzag ⓩ, move lower towards the 108.24 level.
The target is the 78.6% Fibonacci retracement of waves ①.