By Orbex
The USDJPY currency pair seems to be forming a bullish double zigzag of the primary degree. This consists of three main sub-waves Ⓦ-Ⓧ-Ⓨ.
The market has completed the primary actionary wave Ⓦ, which took the form of a triple zigzag. Then it began to move in a horizontal direction, forming an intervening wave Ⓧ.
We can assume that the wave Ⓧ takes the form of a double three (W)-(X)-(Y) of the intermediate degree.
Thus, in the near future, we could see a downward price move in the final wave (Y), in the direction of the support level of 107.56, located on the lower forming line.
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An alternative scenario suggests that the primary intervening wave Ⓧ has already been completed. Indeed, it may have the form of a bearish double zigzag.
Wave Ⓨ is most likely a double zigzag consisting of intermediate sub-waves (W)-(X)-(Y).
In the upcoming trading days, prices could move higher in the minor impulse C to the level of 112.236, where they will complete the primary wave Ⓨ. At that level, wave Ⓨ will be at the 61.8% Fibonacci extension of wave Ⓦ.
Then, after the end of the entire uptrend, a new downtrend could develop.
By Orbex
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