USDJPY Bullish Impulse To Fresh Highs

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The current USDJPY structure hints at the formation of a primary double Ⓦ-Ⓧ-Ⓨ zigzag.

The bearish intervening wave Ⓧ completed its development, taking the form of a triple zigzag of the intermediate degree.

With the intermediate correction wave (2) coming to an end, which is a signal for bullish growth in impulse (3).

In the near future, we can expect prices to rise above the maximum of 104.59, formed by minute correction ⓑ.

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An alternative scenario shows the primary intervening wave Ⓧ is not yet complete, which could lead to a decline.

The final wave ⓩ of the minute triple zigzag is likely to form another simple zigzag similar to the zigzag ⓨ. The minuet sub-waves (a)-(b)-(c) show the future structure of wave ⓩ.

Prices in the specified zigzag could decline to 102.14. At that level, waves ⓩ and ⓨ will be equal.

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