This is my Elliott wave idea about USDJPY, 12hr.
I think USDJPY is wave iv (Orange) on Impulse.
The sub-wave of wave iv is probably "Expanded Flat".
The wave C of "Expanded Flat" tends to extend 1.618 times wave A.
And this Area overlaps with Fibonacci 38.2% of wave iii (Orange).
If the assumption is correct,
The sub-wave C (Black) will grow to the levels of 112.500-112.000.
In this scenario, the stop loss level is 110.800.
probably, The v wave (Orange) will be extended after the iv wave is completed.
so, the orange wave is an impulse where the Fifth wave extended.
I think USDJPY is wave iv (Orange) on Impulse.
The sub-wave of wave iv is probably "Expanded Flat".
The wave C of "Expanded Flat" tends to extend 1.618 times wave A.
And this Area overlaps with Fibonacci 38.2% of wave iii (Orange).
If the assumption is correct,
The sub-wave C (Black) will grow to the levels of 112.500-112.000.
In this scenario, the stop loss level is 110.800.
probably, The v wave (Orange) will be extended after the iv wave is completed.
so, the orange wave is an impulse where the Fifth wave extended.