The USD/JPY bearish price action has been choppy and corrective so far. Therefore, price is likely to build an expanded bullish correction first before completing the expected bearish ABC (pink).
The USD/JPY has probably completed a wave X (purple) and could making a bullish expansion as part of a wave Y (purple). Price could find resistance at the Fibonacci levels of wave B vs A (pink) and move lower to complete the potential wave E (purple).
The USD/JPY is building multiple zigzag patterns up and down. The chart is looking very choppy and corrective at the moment but price seems to have completed a bearish wave C (blue) within wave X (purple). Price is now waiting for a break of the consolidation zone.
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