Index: trunk/src/org/openstreetmap/josm/data/gpx/GpxImageCorrelation.java
===================================================================
--- trunk/src/org/openstreetmap/josm/data/gpx/GpxImageCorrelation.java	(revision 18129)
+++ trunk/src/org/openstreetmap/josm/data/gpx/GpxImageCorrelation.java	(revision 18130)
@@ -81,5 +81,6 @@
             boolean firstSegment = true;
             for (List<WayPoint> wps : segs) {
-                for (int i = 0; i < wps.size(); i++) {
+                int size = wps.size();
+                for (int i = 0; i < size; i++) {
                     final WayPoint curWp = wps.get(i);
                     // Interpolate timestamps in the segment, if one or more waypoints miss them
@@ -90,5 +91,5 @@
                             double totalDist = 0;
                             List<Pair<Double, WayPoint>> nextWps = new ArrayList<>();
-                            for (int j = i; j < wps.size(); j++) {
+                            for (int j = i; j < size; j++) {
                                 totalDist += wps.get(j - 1).getCoor().greatCircleDistance(wps.get(j).getCoor());
                                 nextWps.add(new Pair<>(totalDist, wps.get(j)));
@@ -139,5 +140,6 @@
                         }
                     }
-                    ret += matchPoints(images, prevWp, prevWpTime, curWp, curWpTime, offset, interpolate, tagTime, false, dirpos);
+                    WayPoint nextWp = i < size - 1 ? wps.get(i + 1) : null;
+                    ret += matchPoints(images, prevWp, prevWpTime, curWp, curWpTime, offset, interpolate, tagTime, nextWp, dirpos);
                     prevWp = curWp;
                     prevWpTime = curWpTime;
@@ -146,5 +148,5 @@
         }
         if (trkTag && prevWp != null) {
-            ret += matchPoints(images, prevWp, prevWpTime, prevWp, prevWpTime, offset, false, trkTagTime, true, dirpos);
+            ret += matchPoints(images, prevWp, prevWpTime, prevWp, prevWpTime, offset, false, trkTagTime, null, dirpos);
         }
         return ret;
@@ -207,7 +209,8 @@
 
     private static int matchPoints(List<? extends GpxImageEntry> images, WayPoint prevWp, long prevWpTime, WayPoint curWp, long curWpTime,
-            long offset, boolean interpolate, int tagTime, boolean isLast, GpxImageDirectionPositionSettings dirpos) {
+            long offset, boolean interpolate, int tagTime, WayPoint nextWp, GpxImageDirectionPositionSettings dirpos) {
 
         int ret = 0;
+        final boolean isLast = nextWp == null;
 
         // i is the index of the timewise last photo that has the same or earlier EXIF time
@@ -254,4 +257,8 @@
                     } else {
                         curTmp.setPos(curWp.getCoor());
+                    }
+                    if (nextWp != null && dirpos.isSetImageDirection()) {
+                        double direction = curWp.getCoor().bearing(nextWp.getCoor());
+                        curTmp.setExifImgDir(computeDirection(direction, dirpos.getImageDirectionAngleOffset()));
                     }
                     curTmp.setGpsTime(curImg.getExifInstant().minusMillis(offset));
@@ -280,8 +287,8 @@
                     final LatLon curCoor = curWp.getCoor();
                     LatLon position = prevCoor.interpolate(curCoor, timeDiff);
-                    if (shiftXY || dirpos.isSetImageDirection()) {
-                        double direction = prevCoor.bearing(curCoor);
+                    if (nextWp != null && (shiftXY || dirpos.isSetImageDirection())) {
+                        double direction = curCoor.bearing(nextWp.getCoor());
                         if (dirpos.isSetImageDirection()) {
-                            curTmp.setExifImgDir((Utils.toDegrees(direction) + dirpos.getImageDirectionAngleOffset()) % 360d);
+                            curTmp.setExifImgDir(computeDirection(direction, dirpos.getImageDirectionAngleOffset()));
                         }
                         if (shiftXY) {
@@ -310,4 +317,8 @@
         }
         return ret;
+    }
+
+    private static double computeDirection(double direction, double angleOffset) {
+        return (Utils.toDegrees(direction) + angleOffset) % 360d;
     }