Short term Elliott Wave view in USDJPY calls the decline from April 25 peak (112.4) ended as wave A at 108.99. This suggests the decline from there is unfolding as a zigzag Elliott Wave structure. Wave B bounce is in progress to correct cycle from April 25 peak in, 7, or 11 swing. The internal of the bounce is unfolding as Elliott Wave double structure. Up from 108.99, wave ((w)) ended at 110.042 and wave ((x)) at 109.470. Wave ((y)) of B is in progress as and should see the areas of 110.52.
While it stays above 109.470 low we expect the pair to extend higher for now.