The USDJPY currency pair hints at the final section of the global actionary wave y of the cycle degree. This took the form of a primary double zigzag Ⓦ-Ⓧ-Ⓨ, where the last sub-wave Ⓨ is an intermediate zigzag (A)-(B)-(C).
Thus, if our assumption is correct, and the bulls have really lost their strength, we can assume that the market has started to build a new bearish trend.
Most likely, in the medium term, we will see the formation of a new impulse, as shown on the chart. The new impulse will consist of five minor sub-waves 1-2-3-4-5. Sub-waves 1 and 2 have ended. Therefore the price could continue to decline in impulse 3 to the 112.52 area.
The specified price level is the minimum that was marked by the minute wave ⓦ.
However, there is a possibility that the minor correction wave 4 was completed at the end of January. It has a horizontal internal structure of a double three ⓦ-ⓧ-ⓨ of the minute degree.
After the end of the horizontal pattern, the price went up in the minor wave 5. Judging by the internal structure, wave 5 takes the form of an ending diagonal of the minute degree.
Recently, the decline in the minute fourth correction came to an end. In turn, the price touched the lower support line and pushed off from it.
In the near future, prices could rise in the final fifth wave of the minute degree towards the 117.02 level. At that price point, minor wave 5 will be at 76.4% of impulse 3.