USDJPY Primary Wave Completion at 103.17

0 157

The USDJPY structure shows a bearish intervening wave Ⓧ of the primary degree. The pattern is a large triple zigzag consisting of intermediate sub-waves (W)-(X)-(Y)-(X)-(Z).

The final wave (Z) is a double zigzag consisting of minor sub-waves W-X-Y.

At the end of the minor wave Y, prices could fall to the 103.17 area.

At that point, minute sub-wave ⓒ, which is part of wave Y, will be at 78.6% of wave ⓐ.

usdjpy

An alternative scenario shows the development of a bearish double W-X-Y zigzag.

Zigzag wave W is complete, with the minor intervening wave X currently under development.

The intervening wave X is a minuteⓐ-ⓑ-ⓒ zigzag. The wave ⓐ in the form of an impulse, as well as the bearish correction ⓑ have ended.

An upward move of the currency pair in the impulse ⓒ is expected in the near future. The upcoming rise could reach the 105.69 area which is the previous swing high.

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

START TRADING

or practice on DEMO ACCOUNT

Trading CFDs Involves high risk of loss

Leave A Reply

Your email address will not be published.