USD/JPY: weekly wave analysis
Daily. The pair may have completed construction of a global uptrend. We see the development of the first downward Zigzag. Consider the structure of its internal waves in more detail.
H12. After building the bearish impulse [a], the market began forming an upward correction [b]. When the wave [b] is complete, USD/JPY will start developing a new local downtrend [c]. Consider the layout on H4 chart to determine the possible end point of the impulse [b].
H4. Wave [b] is a simple upward Zigzag. The pair’s now forming a local side flat. When it’s complete the pair’s expected to update the nearest previous high, then the market will reverse and begin to decline.