The USDJPY structure shows a bearish intervening wave Ⓧ that takes the form of a triple zigzag. The zigzag consists of intermediate sub-waves (W)-(X)-(Y)-(X)-(Z).
At the time of writing, waves (W), (X), (Y), (X) are fully complete. Wave (Z) however, is under construction as a double W-X-Y zigzag.
Minor sub-waves W and X are complete, with prices moving within the bearish Y zigzag.
It is likely that the primary wave Ⓧ completes its pattern near 103.47.
An alternative scenario shows that zigzag (Z) is not yet complete, consisting of a flat ⓐ-ⓑ-ⓒ of the minute degree.
In the near future, a slight decline is expected in the final correction ⓑ to the 104.01 area.
We could then see a rise to the previous maximum in the impulse wave ⓒ to 106.10.
Finally, the market will move in a downward direction, forming minor wave Y.