By Orbex
In the current structure of USDJPY a large triple zigzag consisting of primary sub-waves Ⓦ-Ⓧ-Ⓨ-Ⓧ-Ⓩ is developing.
Most likely, the four parts of this triple zigzag have ended. The last actionary wave Ⓩ is currently under development. This wave will most probably take the form of an intermediate double zigzag (W)-(X)-(Y).
We could be in the final part of the intermediate actionary wave (Y), which could take the form of a triple zigzag W-X-Y-X-Z. Its end is expected near 117.17. At that level, wave Ⓩ will be at 200% of wave Ⓨ.
After reaching the highest point, the market could begin to build a new bearish trend, which will update the previous low of 109.10. The intermediate intervening wave (X) formed this.
Free Reports:
Get our Weekly Commitment of Traders Reports - See where the biggest traders (Hedge Funds and Commercial Hedgers) are positioned in the futures markets on a weekly basis.
Sign Up for Our Stock Market Newsletter – Get updated on News, Charts & Rankings of Public Companies when you join our Stocks Newsletter
Let’s look at an alternative scenario. Perhaps the construction of the bearish primary is still ongoing.
It seems to take the form of a double zigzag (W)-(X)-(Y) of the intermediate degree. The first actionary sub-wave (W) is complete, even though it is not visible on the current chart. Not so long ago, the ascending intervening wave (X) was completed, consisting of minor sub-waves A-B-C.
In the near future, prices could lower towards the 109.74 area.
Article by Orbex
Orbex is a fully licensed broker that was established in 2011. Founded with a mission to serve its traders responsibly and provides traders with access to the world’s largest and most liquid financial markets. www.orbex.com
- Economic activity in China is slowing. Silver has fallen by more than 8% May 18, 2026
- USD/JPY Rises for Sixth Straight Day: Yen Back on the Cusp of Intervention May 18, 2026
- Optimism surrounding the US-China summit in Beijing supported the markets May 15, 2026
- Gold Falls on US Inflation Concerns as Week Ends in Losses May 15, 2026
- The oil market may remain in a state of severe supply shortage until autumn May 14, 2026
- GBP/USD Under Policy Pressure: What Lies Ahead for the Prime Minister? May 14, 2026
- European stock markets declined amid rising concerns about an energy crisis May 13, 2026
- USD/JPY Continues to Climb Amid External and Domestic Pressures May 13, 2026
- You can change your emotions – but it’s a 2‑step process that takes some effort May 12, 2026
- The United States rejected Iran’s proposal for resolving the conflict. Oil prices surged again May 12, 2026
