USDJPY Wave ii might terminate around 103.80

USDJPY might be unfolding a potential 3-3-5 flat corrective structure (a-b-c) on the chart view and might terminate around 103.80 levels before reversing higher again. The preferred wave counts are highlighted on charts and a lower degree wave ii of 3 might be unfolding. If correct, USDJPY could rally further as iii of 3 wave resumes from 103.80 mark. Bottom line for the above structure to unfold is 102.59 low, registered early January 2021.

Long against 102.59, towards 110.00.