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.
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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
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