The current USDJPY structure shows the formation of a bearish trend, which takes the form of a triple zigzag of the primary degree. It is possible that the sub- waves have been completed to date.
However, the second intervening wave looks like a fully completed double zigzag consisting of intermediate sub-waves (W)-(X)-(Y), so it can be considered complete.
Thus, in the near future, a fall in the wave may begin towards 121.66. At that level, wave will be at 76.4% of wave.
In an alternative scenario, within the bearish double zigzag, only the first actionary wave is completed, and 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 may take the form of a triple zigzag (W)-(X)-(Y)-(X)-(Z), as shown on the chart.
