USD / JPY H4 chart:
Since the beginning of January 2021, price has been growing within the bullish double zigzag [W] - [X] - [Y]. During this period, the market formed an upward wave [W], which consists of three main sub-waves (A) - (B) - (C), and a bundle wave [X]. Now, the impulse (A) and correction (B) of the final zigzag [Y] looks complete.
USD / JPY H1 chart:
Wave A consists of five sub-waves (1)-(2)-(3)-(4)-(5). Wave B, meanwhile, has a complex bearish double zigzag formation [W] - [X] - [Y]. As for wave C, it has a bullish five-wave impulse like wave A, but the first four parts of it are already complete.
And most likely, in the coming days, the bulls will push the price to 111.80. There, wave (C) will retrace to the 76.4% Fibonacci.
Taking this into account, it is obvious that the most profitable transactions in USD/JPY at the moment are long positions. Therefore, it is a good idea to buy in the market, the target of which is 111.80.
