The USDJPY structure shows a bearish intervening wave Ⓧ of the primary degree. The pattern is a large triple zigzag consisting of intermediate sub-waves (W)-(X)-(Y)-(X)-(Z).
The final wave (Z) is a double zigzag consisting of minor sub-waves W-X-Y.
At the end of the minor wave Y, prices could fall to the 103.17 area.
At that point, minute sub-wave ⓒ, which is part of wave Y, will be at 78.6% of wave ⓐ.
An alternative scenario shows the development of a bearish double W-X-Y zigzag.
Zigzag wave W is complete, with the minor intervening wave X currently under development.
The intervening wave X is a minuteⓐ-ⓑ-ⓒ zigzag. The wave ⓐ in the form of an impulse, as well as the bearish correction ⓑ have ended.
An upward move of the currency pair in the impulse ⓒ is expected in the near future. The upcoming rise could reach the 105.69 area which is the previous swing high.
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