For the USDJPY currency pair, the market continues to form a bearish trend. The trend takes the form of a triple zigzag Ⓦ-Ⓧ-Ⓨ-Ⓧ-Ⓩ, in which the sub-waves Ⓦ-Ⓧ-Ⓨ-Ⓧ are completed.
Wave Ⓧ is a double zigzag consisting of intermediate sub-waves (W)-(X)-(Y).
The internal structure of wave Ⓩ shows an intermediate zigzag (A)-(B)-(C). In the near future, the pair could move in a bearish impulse wave (C) to 122.99. At that level, primary waves Ⓩ and Ⓨ will be equal.
Alternatively, the intervening wave Ⓧ is under development. This can take the form of a double zigzag (W)-(X)-(Y). Within this pattern, we can notice the completed sub-waves (W) and (X).
Most likely, in the last section of the chart we see the beginning of the construction of the final actionary wave (Y). It is expected to end near 142.49. At that level, primary wave Ⓧ will be at 61.8% of wave Ⓦ.