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USDJPY seems to be nearing the end of a primary bullish impulse pattern consisting of waves ①-②-③-④ and ⑤.
With primary and intermediate waves one, two, three and four completed, we can now expect the final leg to finalize minor wave 5, thus, conclude the primary move.
A closer look at the 1H timeframe shows the entire intermediate and minor structures of the bullish impulse.
Focusing on the most recent minor 5-wave impulse, we can notice that the first three of the five parts of the minor move look done. We can now expect minor waves 4 and 5 to play out.
The end of a potential complex minute correction spotted in the short-term chart could send prices down to form minor correction wave 4.
A successful correction could be the beginning of the end of the bullish minor impulse wave 5 near the 109.65 area.
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