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USDJPY En Route to Last Triangle Leg

0 1,974

The cycle-degree USDJPY structure hints to a triangle pattern consisting of waves a-b-c-d-e.

Currently, in the final wave e, we expect to see a double zigzag Ⓦ-Ⓧ-Ⓨ.

The primary structure suggests that waves Ⓦ and Ⓧ are complete, whereas wave Ⓨ is under development.

Since wave Ⓨ has only completed half of its course, we could see a continuation in impulse wave (C).

The bullish move could take prices up near the 111.70 area, equal to the wave Ⓦ top.

usdjpy

In an alternative view, wave Ⓧ is not yet complete.

In this case, wave Ⓧ points at a double zigzag, indicated by waves (W)-(X)-(Y).

As part of the last corrective move, we can expect a decline in wave (Y) near 105.16.

At that level, primary wave Ⓧ will be at 61.8% of Ⓦ.

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