The USDJPY structure shows a corrective move, consisting of primary sub-waves Ⓦ-Ⓧ-Ⓨ. The ‘three’ wave pattern takes the form of a double zigzag.
We saw the completion of the intervening wave Ⓧ, which is also a double zigzag. Then, bulls started pushing prices up in wave Ⓨ.
Primary wave Ⓨ will continue as a double zigzag, consisting of intermediate sub-waves (W)-(X)-(Y).
In the near term, we could see the completion of (Y) near 111.67.
This level is the previous high formed by wave Ⓦ.
An alternative scenario shows an incomplete intervening move in wave Ⓧ.
It is assumed to be a complex structure, taking the form of a triple zigzag (W)-(X)-(Y)-(X)-(Z).
In this case, in the near future, the market could move up in wave C. This should complete the intervening wave (X) near 107.63. At that level, wave (X) will be at 61.8% of wave (Y).
After reaching this level, we could see a decline in the final wave (Z) near 101.95. There, sub-waves (Z) and (Y) will be equal.