29 Sep

USDJPY Zigzag To Complete Primary Wave Ⓩ

September 29, 2021

By Orbex

The USDJPY formation suggests the development of a large triple zigzag that consists of primary sub-waves Ⓦ-Ⓧ-Ⓨ-Ⓧ-Ⓩ.

The first four waves have ended. Thus, the last actionary wave Ⓩ may be in the development stage now.

Most likely, this wave will take the form of an intermediate double zigzag (W)-(X)-(Y). In the area of the minimum of 109.10, the intermediate intervening wave (X) ended, and then the price began to rise.

Most likely, we are at the beginning of an intermediate actionary wave (Y). This can take the form of a simple bullish zigzag A-B-C, and it could end near the level of 112.91.

Free Reports:

Get our Weekly Commitment of Traders Reports - See where the biggest traders (Hedge Funds and Commercial Hedgers) are positioned in the futures markets on a weekly basis.





Sign Up for Our Stock Market Newsletter – Get updated on News, Charts & Rankings of Public Companies when you join our Stocks Newsletter




USDJPY

Let’s look at an alternative scenario. Perhaps the construction of the primary interventing wave Ⓧ is still ongoing.

It seems to take the form of a double zigzag (W)-(X)-(Y) of the intermediate degree. The first actionary sub-wave (W) is a triple zigzag, and the intervening wave (X) is similar to a simple zigzag A-B-C with a complex correction B in the form of a minute double zigzag.

In the near future, the price is likely to decline in the minor wave Y towards the 108.08 area. At that level, wave (Y) will be at 123.6% of wave (W).

Orbex-LogoArticle 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


investmacro cot newsletter




Financial News Forex and Currency News