In the current structure of USDJPY a large triple zigzag consisting of primary sub-waves Ⓦ-Ⓧ-Ⓨ-Ⓧ-Ⓩ is developing.
Most likely, the four parts of this triple zigzag have ended. The last actionary wave Ⓩ is currently under development. This wave will most probably take the form of an intermediate double zigzag (W)-(X)-(Y).
We could be in the final part of the intermediate actionary wave (Y), which could take the form of a triple zigzag W-X-Y-X-Z. Its end is expected near 117.17. At that level, wave Ⓩ will be at 200% of wave Ⓨ.
After reaching the highest point, the market could begin to build a new bearish trend, which will update the previous low of 109.10. The intermediate intervening wave (X) formed this.
Let’s look at an alternative scenario. Perhaps the construction of the bearish primary is still ongoing.
It seems to take the form of a double zigzag (W)-(X)-(Y) of the intermediate degree. The first actionary sub-wave (W) is complete, even though it is not visible on the current chart. Not so long ago, the ascending intervening wave (X) was completed, consisting of minor sub-waves A-B-C.
In the near future, prices could lower towards the 109.74 area.