The USDJPY pair has completed the formation of a global triangle. The chart shows most of its final cycle wave e, which is the primary double Ⓦ-Ⓧ-Ⓨ zigzag.
The construction of the initial part of the bearish impulse has begun. In the near future, the development of the primary wave is likely. This would consist of intermediate sub-waves (1) and (2) which have already ended.
The intermediate impulse (3) could end near the level of 107.50.
Alternatively, it is assumed that the formation of the triangle will still continue.
It is possible that in the short term the price will decline to 108.90, at which the primary intervening wave Ⓧ will be complete. At that level, intermediate wave (Y) will be at 76.4% of intermediate actionary wave (W).
After the primary wave Ⓧ completes its pattern, the market can turn around and go in an upward direction. Most likely, the primary wave Ⓨ will end well above the maximum of 111.60.