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.
