USDJPY Bulls Target 117.10

By Orbex

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

The first four waves of this triple zigzag have ended. The last actionary wave Ⓩ is currently under development.

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

We are probably in the middle of an intermediate actionary wave (Y). This can take the form of a triple zigzag W-X-Y-X-Z, and it could end near 117.10. At that level, wave Ⓩ will be at 200% of wave Ⓨ.

Let’s look at an alternative scenario. Perhaps the construction of the primary intervening 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 intermediate wave (Y) towards the 108.89 area, where wave (Y) will be at 200% of wave (W).

Article by Orbex

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