(Click on image to enlarge)
The current USDJPY structure shows the formation of a bearish trend. This takes the form of a triple zigzag Ⓦ-Ⓧ-Ⓨ-Ⓧ-Ⓩ of the primary degree. It is possible that the sub-waves Ⓦ-Ⓧ-Ⓨ have ended.
However, the second intervening wave Ⓧ looks like a fully completed double zigzag. This pattern consisted of intermediate sub-waves (W)-(X)-(Y).
Thus, near the future, a wave fall Ⓩ could begin towards 121.66. At that level, wave Ⓩ will be at 76.4% of wave Ⓨ.
(Click on image to enlarge)
In an alternative scenario, within the bearish double zigzag, only the first actionary wave Ⓦ is completed. The intervening wave Ⓧ is still under development.
It is possible that in the near future the growth will continue in the wave Ⓧ towards 142.52. The intervening wave could take the form of a triple zigzag (W)-(X)-(Y)-(X)-(Z), as shown on the chart.
At the specified price point, wave Ⓧ will be at 61.8% along the Fibonacci lines of wave Ⓦ.
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