USDJPY shows a large intervening wave Ⓧ of the primary degree, which took the form of a bearish triple zigzag.
We then saw the rapid growth and the start of the last wave, consisting of intermediate sub-waves (1)-(2)-(3)-(4)-(5).
The final part of the intermediate impulse (3) is currently under development. Its last fifth wave of the minor degree may end near 106.11.
At that level, wave 5 will be at 76.4% of impulse 3.
An alternative scenario shows the intermediate impulse wave (3) has ended, and the horizontal corrective wave (4) has begun.
The correction (4) could take the form of a contracting triangle. Currently, minor waves A and B are under construction.
In the near future, we expect a decline in wave C to 104.68. At that level, it will be at 76.4% of wave B.