Forex Trading Library

USDJPY Intervening Wave Ⓧ Lifts Prices Above 1.40!

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Chart of USDJPY

The USDJPY pair continues to form a bearish trend which takes the form of a triple zigzag Ⓦ-Ⓧ-Ⓨ-Ⓧ-Ⓩ.

Wave Ⓧ is a double zigzag consisting of intermediate sub-waves (W)-(X)-(Y).

If this scenario is confirmed, a fall in wave Ⓩ will begin in the near future towards the 122.98 area. At that level, primary wave Ⓩ will be at 76.4% of actionary wave Ⓨ.

Chart of USDJPY

In the second variant, a bearish double zigzag of the primary degree is under construction, in which only the first actionary wave Ⓦ is completed. Wave Ⓧ is currently under development.

The intervening wave Ⓧ can take the form of a triple zigzag (W)-(X)-(Y)-(X)-(Z), as shown in the chart. It is possible that in the near future the growth will continue in the direction of the price of 142.42.

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

Test your strategy on how the USDJPY will fare with Orbex

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