19 Jan

GBPJPY Impulse Or Ending Diagonal?

January 19, 2022

By Orbex

GBPJPY

The GBPJPY currency pair is most likely moving within the cycle impulse, with wave III under development.

We can assume that the correction wave ④ of the primary degree ended at the end of December. This correction took the form of an intermediate triple zigzag.

Since then, we have observed a rise in the price in the primary wave ⑤. In turn, this takes the form of an intermediate 5-wave impulse (1)-(2)-(3)-(4)-(5).

The entire primary wave ⑤ can complete its pattern near 163.52. At that level, it will be at 61.8% of wave ③.

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




GBPJPY

Alternatively, the primary wave ⑤ is not an impulse, but an ending diagonal in which an intermediate correction wave (4) is under construction.

Perhaps wave (4) will be a triple W-X-Y-X-Z zigzag of the minor degree, as shown in the chart. In the near future, prices could lower in the minor sub-waves Y-X-Z to the level of 152.00.

After reaching the specified price level, the price is likely to increase within the final intermediate wave (5) to the previous maximum of 158.25.

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