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The 1H timeframe of the USDJPY pair shows that the formation of a global cycle impulse could have ended not so long ago. Then the fall of the exchange rate and the formation of a new bearish trend began.

It is assumed that a bearish double zigzag of the primary degree Ⓦ-Ⓧ-Ⓨ may form in the market. It is possible that the actionary wave Ⓦ and the intervening wave Ⓧ have been completed to date.

Thus, in the near future we can expect the development of the final actionary wave Ⓨ, which can take a standard zigzag structure (A)-(B)-(C) and end near 131.35. At that level, wave Ⓨ will be at 76.4% of wave Ⓦ.

Alternatively, it is assumed that in the bearish double zigzag, only the first actionary wave Ⓦ is completed, and the intervening  wave Ⓧ is still under development.

Perhaps the wave Ⓧ will have the form of a double zigzag (W)-(X)-(Y), as shown in the chart. In the near future, the price growth may continue in the sub-wave (Y) at 140.57.

At that level, wave Ⓧ will be at 38.2% along the Fibonacci lines of wave Ⓦ.

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