USDJPY suggests a zigzag pattern consisting of waves Ⓐ-Ⓑ-Ⓒ.
Wave Ⓑ is currently under development, forming a double zigzag (W)-(X)-(Y). Intermediate sub-waves (W) and (X) are complete.
On the other hand, wave (Y) is incomplete. However, it is expected to end in minor wave C of a standard correction.
We expect wave C to complete its course on the 106.02 support as an ending diagonal.
A valid reversal will see the pair rising to primary wave Ⓒ.
An alternative scenario shows a completed structure in wave Ⓑ. The intermediate degree double zigzag (W)-(X)-(Y), however, it ended its course on a truncated wave ⓥ.
Therefore, we now expect prices to rise in wave Ⓒ near 111.70. This is at the previous high formed by the wave Ⓐ.
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