The USD/JPY pair shows the formation of a large-scale horizontal correction B, which has a triangular structure.
On the 4H chart, its final part, which is the wave [E], is visible. Wave [E] is a double zigzag, which now includes the development of the last wave Y. It also took the form of a double combination.
Currently, waves [W] and [X] are complete, as well as two sub-waves (A) and (B) of the final zigzag [Y]. Let us look at the marking of the last section of the chart on the 1H chart.
Here we can see that the ascending wave (A) took the form of a five-wave pattern. The downward correction wave (B) has the structure of a double zigzag W-X-Y.
An ascending impulse wave (C) is currently being developed. Judging by its internal structure, sub-waves 1-2-3 were completed. It also has a deep correctional wave 4, which took the form of a triple zigzag. It seems to have come to an end.
Now the market is gaining momentum for a rise in the final wave 5. Shortly after, we expect a reversal of the pair and the beginning of a decline in a new trend.
The pair is expected to advance to the level of 111.50. In this case, it is recommended to open long positions.