For the USDJPY currency pair, we see the construction of the global actionary wave y of the cycle degree. It is assumed that wave y takes the form of a primary double Ⓦ-Ⓧ-Ⓨ zigzag. This now includes the last sub-wave Ⓨ in the form of an intermediate (A)-(B)-(C) zigzag.
The current chart shows the second half of the bullish impulse wave (C), consisting of five minor sub-waves.
Most likely, the first four parts of the impulse wave (C) are fully complete, and the last sub-wave 5 is still under development. Judging by the internal structure of wave 5, it takes the form of an ending diagonal of the minute degree.
The end of the minute fifth wave is expected near 116.71. At that level, wave 5 will be at the 76.4% Fibonacci extension of impulse 3. Then the market could turn around and start moving within the new bearish trend.
However, there is a possibility that the minor correction wave 4 has recently completed its pattern. It has a horizontal internal structure of a double three ⓦ-ⓧ-ⓨ of the minute degree.
Perhaps in the near future, we will see an increase in the value of the currency pair within the minor wave 5, which could take the form of an impulse.
The end of the bullish impulse is likely near 118.15 where impulse waves 3 and 5 will be equal.
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