For this post, I am just purely focusing on just the consolidation and what may happen next. I am not focused on the long term as in my previous 2 posts about 2 possible scenarios. You can go see those 2 posts if you'd like (see Related Ideas: "FULL ANALYSIS: USDJPY: Scenario #1 Contracting Triangle Done" and "UPDATE #2: QUICK ANALYSIS: USDJPY: Scenario #2: ABC 5-3-5 ZigZag") if you want to see what my longer term outlook is on this pair.
I am seeing this correction playing out as a complex WXY pattern. With (W) being a triangle that completed and (X) being a simple 3-waves. Now we are probably looking at an expanded flat wave (Y) with it's first 2 legs of a 3-3-5 pattern just about finished when the current wave (c) is done. If I am correct, then the next wave should be a 5-wave wave (C) up.