By Orbex
The formation of the USDJPY currency pair hints at a triple zigzag. The structure consists of primary waves Ⓦ-Ⓧ-Ⓨ-Ⓧ-Ⓩ.
With four parts out of five parts fully completed wave Ⓩ is currently under construction. It could take the form of an intermediate double zigzag (W)-(X)-(Y).
As wave (W) seems completed, the low of 109.10 might form the intermediate intervening wave (X) as a double zigzag.
Once it forms, prices could rise in the final intermediate wave (Y) near 111.93. At this level, the primary wave Ⓩ will be at the 76.4% extension of wave Ⓨ.
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However, a different perspective suggests that the primary intervening wave Ⓧ has not been completed yet.
Price action points to a double zigzag (W)-(X)-(Y) of the intermediate degree. The first actionary sub-wave (W) is a triple zigzag, and the second actionary wave (Y) hints at a double zigzag. As such, only the first two minor sub-waves W and X seem to have been completed.
Therefore, prices could decline in the minor wave Y near 108.48. At that level, the entire wave Ⓧ will be at 76.4% of wave Ⓨ.
Only then the bulls might be able to push prices above 111.69 in primary wave Ⓩ.
Article by Orbex
Orbex is a fully licensed broker that was established in 2011. Founded with a mission to serve its traders responsibly and provides traders with access to the world’s largest and most liquid financial markets. www.orbex.com
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