This is my Elliott wave idea about USDJPY on the 1 hour chart.
We are just finished "sub wave iv" shown in red line wave. I think that we are in "sub wave v" of "wave 5" shown in the black line wave.
The "Wave v" will be completed, after "wave v" touches the wave " ii-iv parallel channel (red line)", and, I think the corrective wave (A-B-C) will be started.
I think that "wave v" can not be extended. Because EURUSD may have entered phase of corrective waves.
If the assumption is correct, The “wave v’ will grow to the levels of 111.130-111.340. In this scenario, stop loss level is 110.160.