USDJPY Bearish Double Zigzag Underway!
The USDJPY currency seems to be forming a bearish trend. Most likely, the trend takes the form of a double zigzag Ⓦ-Ⓧ-Ⓨ, within which the sub-waves Ⓦ-Ⓧ are completed.
The wave Ⓧ is a double zigzag consisting of intermediate sub-waves (W)-(X)-(Y).
At the moment, the beginning of a primary wave Ⓨ will have a standard zigzag shape (A)-(B)-(C).
The end of the first impulse sub-wave (A) is possible near the minimum of 129.64.
(Click on image to enlarge)
However, in an alternative scenario, wave Ⓧ continues to build.
In waves Ⓧ, we see completed intermediate sub-waves (W) and (X).
Most likely, the final actionary wave (Y) is being constructed on the last section of the chart. The internal structure of which hints at a triple zigzag W-X-Y-X-Z.
We expect a bullish movement towards 146.16, where the primary wave Ⓧ will be at 76.4% of wave Ⓦ.
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