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USD/JPY, H4:
The pair continues to build the final leg Y, which is part of the last wave of the triangular pattern. Wave Y is similar in structure to the bullish triple zigzag [W]-[X]-[Y]-[X]-[Z].
The formation of the second wave of the bundle [X] may have come to an end. It took the form of a double zigzag (W)-(X)-(Y).
In the medium term, we expect the development of an upward wave [Y], which can take the form of a standard zigzag (A)-(B)-(C). The completion of this zigzag is expected to reach the level of 113.24. At this price level, the value of the wave [Z] will be equal to 76.4% along the Fibonacci lines from the wave [Y].
Let's consider the last part of the chart on the hourly time frame.
USD/JPY, H1:
On the smaller time frame, we see that the last wave (Y), which is part of the bundle wave [X], has taken the form of a triple zigzag.
It is assumed that at the time of writing this review, the price is at the very beginning of the upward wave (A). This wave can take on a simple impulse structure.
We can see its end in the area of the previous high formed by the large wave [Y]. Thus, in the coming trading days, prices are expected to rise to the indicated level.
In the current situation, you can consider opening buy deals in order to take profit at the end of the impulse (A).
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