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USD/JPY, D1 time frame:
The daily time frame shows the development of the global correctional wave [B], which has been forming for several years.
Most likely, the correction [B] is a triangle. The development of the final part of this triangle, that is, we are talking about wave (E), began in the spring of last year. Judging by the internal structure, the wave [E] takes the form of a double zigzag W-X-Y.
At the beginning of this year, prices began to rise in the last active wave (Y). Let's closely look at its structure in the four-hour time frame.
USD/JPY, H4 time frame:
It is assumed that the wave Y is a triple zigzag, which we have marked with green sub-waves [W]-[X]-[Y]-[X]-[Z]. It is possible that its first four parts are already fully completed. The second wave of the bundle [X] acquired the formation of a bearish double zigzag.
There is also a possibility that there will be a price growth in the initial part of the last wave [Z] in the last part of the chart. It can form a simple zigzag (A)-(B)-(C) just like the previous active sub-waves. The entire wave [Z] may end around the level of 113.50. At this level, the value of the waves [Y] and [Z] will be equal to 113.50.
Now, let's consider the wave marking [Z] on the hourly time frame.
USD/JPY, H1 time frame:
Currently, the price is assumed to be moving in a bullish impulse wave (A). Similarly to all impulses, it consists of sub-waves 1-2-3-4-5. We see that the price corrected in a deep wave 4 for a long time, which took the form of a triple zigzag. It seems to be fully done and so, this serves as a signal to continue growth in wave 5.
It is possible that wave 5 is now completed in four parts and five. Its last fifth part may end near the high of 111.00. The current wave [Y] was completed earlier at this level.
Therefore, one can consider opening short positions in order to take profit at the indicated level.
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