Forex Trading Library

USDJPY Triple Combination Completion for Fresh Lows

0 389

The USDJPY structure shows a bearish intervening wave Ⓧ that takes the form of a triple zigzag. The zigzag consists of intermediate sub-waves (W)-(X)-(Y)-(X)-(Z).

At the time of writing, waves (W), (X), (Y), (X) are fully complete. Wave (Z) however, is under construction as a double W-X-Y zigzag.

Minor sub-waves W and X are complete, with prices moving within the bearish Y zigzag.

It is likely that the primary wave Ⓧ completes its pattern near 103.47.


An alternative scenario shows that zigzag (Z) is not yet complete, consisting of a flat ⓐ-ⓑ-ⓒ of the minute degree.

In the near future, a slight decline is expected in the final correction ⓑ to the 104.01 area.

We could then see a rise to the previous maximum in the impulse wave ⓒ to 106.10.

Finally, the market will move in a downward direction, forming minor wave Y.

Test your strategy on how the JPY will fare with Orbex - Open Your Account Now. 

Leave A Reply

Your email address will not be published.