4 hour
The USD/JPY has moved below the 161.8% Fibonacci target which makes a 5 wave (orange) structure a more likely scenario.
1 hour
The USD/JPY is most likely extending the wave 5 (grey) with 5 internal waves (green). A wave 4 (green) retracement should remain below the bottom of wave 1 (green) which is indicated by the trend line (dark red).
4 hour
1 hour
Origin: Admiral Markets
