USDJPY Bearish Double Zigzag Underway! – Orbex Forex Trading Blog

The USDJPY currency seems to be forming a bearish trend. Most likely, the trend takes the form of a double zigzag Ⓦ-Ⓧ-Ⓨ, within which the sub-waves Ⓦ-Ⓧ are completed.

The wave Ⓧ is a double zigzag consisting of intermediate sub-waves (W)-(X)-(Y).

At the moment, the beginning of a primary wave Ⓨ will have a standard zigzag shape (A)-(B)-(C).

The end of the first impulse sub-wave (A) is possible near the minimum of 129.64.

However, in an alternative scenario, wave Ⓧ continues to build.

In waves Ⓧ, we see completed intermediate sub-waves (W) and (X).

Most likely, the final actionary wave (Y) is being constructed on the last section of the chart. The internal structure of which hints at a triple zigzag W-X-Y-X-Z.

We expect a bullish movement towards 146.16, where the primary wave Ⓧ will be at 76.4% of wave Ⓦ.

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• Source: https://www.orbex.com/blog/en/2023/06/usdjpy-bearish-double-zigzag-underway