Short term Elliott Wave view in USDJPY suggests that cycle from 3/10 peak (115.53) has ended with Minor wave A at 110.077. Decline from 115.53 is unfolding as a 5 waves impulse Elliott wave structure with an extension where Minute wave ((i)) ended at 114.46, Minute wave ((ii)) ended at 115.19, Minute wave ((iii)) ended at 110.59, Minute wave ((iv)) ended at 111.34, and Minute wave ((v)) of A ended at 110.077. USDJPY ended cycle from 3/10 peak and correcting that cycle in Minor wave B bounce in 3, 7, or 11 swing.
Revised view suggests that Minor wave B bounce is unfolding as a zigzag Elliott wave structure where Minute wave ((a)) ended at 111.426 as 5 waves diagonal and Minute wave ((b)) ended at 110.96. Minute wave ((c)) of B is in progress as 5 waves and expected to complete at 112.31 – 112.63 area before pair resumes lower or at least pullback in 3 waves. As far as pivot at 3/10 high (115.53) stays intact, expect pair to extend lower or at least pullback in 3 waves once Minor wave B is complete.
1 Hour USDJPY Elliott Wave Chart 03.31.2017