USDJPY: 5-Wave Impulse Could Lead to Fresh Highs

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USDJPY medium-term formation hints to a 5-wave impulse pattern consisting of primary sub-waves ①-②-③-④-⑤. Primary wave ④ is fully completed at the time of writing and intermediate (4) also looks pretty much done.

Now, we could expect an intermediate wave [5] to finalize this impulsive move. This would, of course, require the completion of smaller degree sub-waves to validate the bullish move. USDJPY

The current structure suggests that we are now seeing the formation of a minor impulse wave 3 that has not yet been fully completed.

We could see the pair appreciate to complete this minor impulse wave near 109.57. At that level, the intermediate wave (5) will reach a level above the 61.80% Fibonacci retracement of the 112.44-104.92 move.5-Wave Impulse

 

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