The current USDJPY structure suggests that we are near the end of the double zigzag. The intervening wave Ⓧ consists of intermediate sub-waves (W)-(X)-(Y).
Waves (W) and (Y) are complete, whereas wave (Y) is forming at the time of writing. The 3-wave pattern resembles a standard A-B-C zigzag.
Since the first two parts of the pattern have completed, we can expect the final impulse in wave C to form.
A decline near 105.23 could be underway. At that level, primary wave Ⓧ will be at 61.8% of Ⓦ.
An alternative scenario suggests that we are in a simple zigzag that consists of primary sub-waves Ⓐ-Ⓑ-Ⓒ.
Sub-waves Ⓐ and Ⓑ are fully complete, whereas wave Ⓒ is currently under development.
With wave Ⓐ as an impulse and Ⓑ as a double zigzag, impulse wave Ⓒ could end near the 112.62 region. At that level, the 5-wave impulse will be at 161.8% of wave Ⓐ.
