Short term Elliott Wave view in USDJPY suggests that cycle from 11/12 peak (114.21) remains in progress as a double three Elliott Wave structure. Down from 114.21, Minute wave ((w)) ended at 112.27 and Minute wave ((x)) bounce ended at 114.03. Internal of Minute wave ((x)) unfolded as a zigzag Elliott Wave structure where Minutte wave (a) ended at 113.23, Minutte wave (b) ended at 112.63, and Minutte wave (c) of ((x)) ended at 114.03.
Minute wave ((y)) lower is currently in progress and the internal is unfolding as a double three Elliott Wave structure in lesser degree. Down from 114.03, Minutte wave (w) ended at 112.54 as a zigzag Elliott Wave structure, and Minutte wave (x) bounce is correcting cycle from 11/29 high before the decline resumes. We expect sellers to appear after Minutte wave (x) bounce is complete in 3, 7, or 11 swing as far as pivot at 114.03 high stays intact.
USDJPY 1 Hour Elliott Wave Chart