The USDJPY structure hints at cycle wave e consisting of primary waves Ⓐ-Ⓑ-Ⓒ.
The 5-wave impulse Ⓐ and correction wave Ⓑ took the form of a bearish double zigzag. The impulse wave Ⓒ is currently under development.
Intermediate sub-waves (1) and (2) are complete. Therefore, we could see continued growth in the sub-waves (3)-(4)-(5) in due course.
The target of 111.70 is the previous maximum so there is a high probability of reaching this level.
An alternative scenario sees the development of primary correction wave Ⓑ. The final wave (Y) is a triple zigzag and currently, we see growth in the bullish intervening wave x.
Wave x is a bullish zigzag. The likelihood is that wave ⓒ of this zigzag will go above 106.49. This level is higher than the previous maximum that wave ⓐ formed.
Market participants could then expect a price decline in the final wave Z to 103.71. At that level, correction Ⓑ will be at 76.4% of impulse Ⓐ.