USD/JPY, H4 time frame:

The pair continues to form a large triple zigzag, which consists of green sub-waves [W]-[X]-[Y]-[X]-[Z]. The first three completed sub-waves [W]-[X]-[Y] are standard zigzags. The second wave of the bundle [X] also looks complete, however, it has a more complex formation and is a double zigzag (W)-(X)-(Y).

At the moment, the development of the last active wave [Z], which will most likely take the form of a simple zigzag (A)-(B)-(C), is observed. We suggest considering the structure of this wave on the hourly time frame.

USD/JPY, H1 time frame:

Looking at the hourly time frame, it shows the structure of sub-waves (A) and (B), but wave (B) is still under development. It is worth noting that wave (A) is a bullish five-wave impulse 1-2-3-4-5, where sub-wave 4 is a correction in the form of a triple zigzag [W]-[X]-[Y]-[X]-[Z].

The correction wave (B) is likely to take the form of a simple A-B-C zigzag and it seems that we are now at the beginning of building the final impulse C. Once this ends, the price will rise again.

The final wave (C) can push the price to the level of 112.13. At this level, the value of the current wave [Z] will be 76.4% along the Fibonacci lines from the wave [Y]. There is a high probability of reaching the specified coefficient.

Currently, one can consider opening buy deals in order to take profit at the level of 112.13.