The current USDJPY structure suggests that we have a triangle pattern. For now, it is moving higher towards wave e which is the last corrective move of the cycle degree pattern.
As part of a triangle, wave e is a corrective zigzag and consists of primary sub-waves Ⓐ-Ⓑ-Ⓒ.
Wave Ⓐ looks like a fully completed 5-wave impulse. Wave Ⓑ seems to be a triangle and consists of intermediate sub-waves (A)-(B)-(C)-(D)-(E).
With wave (E) incomplete we can expect a short-term decline. An impulse in the primary wave Ⓒ may follow. The cycle-degree triangle can be expected to end near 111.75. This level is the high primary wave Ⓐ reached.
With a different view in mind, however, we can assume an alternative scenario. Here, wave Ⓑ is not a triangle. This suggests that there is more room to the downside as wave (B) just ended in a double zigzag move.
Furthermore, with the intermediate degree move being a standard (A)-(B)-(C) zigzag, we can soon see the pair decline in wave (C) near 104.12. At that level, impulse wave (C) will be at the 178.6% extension of wave (A).