The USDJPY formation suggests the development of a large triple zigzag that consists of primary sub-waves Ⓦ-Ⓧ-Ⓨ-Ⓧ-Ⓩ.
The first four waves have ended. Thus, the last actionary wave Ⓩ may be in the development stage now.
Most likely, this wave will take the form of an intermediate double zigzag (W)-(X)-(Y). In the area of the minimum of 109.10, the intermediate intervening wave (X) ended, and then the price began to rise.
Most likely, we are at the beginning of an intermediate actionary wave (Y). This can take the form of a simple bullish zigzag A-B-C, and it could end near the level of 112.91.
Let’s look at an alternative scenario. Perhaps the construction of the primary interventing wave Ⓧ 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 a triple zigzag, and the intervening wave (X) is similar to a simple zigzag A-B-C with a complex correction B in the form of a minute double zigzag.
In the near future, the price is likely to decline in the minor wave Y towards the 108.08 area. At that level, wave (Y) will be at 123.6% of wave (W).