By Orbex
The GBPJPY currency pair is moving within a cycle impulse. Now the third part of this impulse is under development.
We can assume that the correction wave ④ of the primary degree was fully complete at the end of December. This correction took the form of an intermediate triple zigzag.
Currently, we see the price rise in the primary wave ⑤. This takes the form of an intermediate 5-wave impulse.
The primary wave ⑤ can complete its pattern near 160.77. At that level, it will be at 50% of wave ③.
Free Reports:
Sign Up for Our Stock Market Newsletter – Get updated on News, Charts & Rankings of Public Companies when you join our Stocks Newsletter
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.
In the second variant, the wave ⑤ is a complete ending diagonal consisting of intermediate sub-waves (1)-(2)-(3)-(4)-(5).
Together with the primary wave ⑤, the cycle impulse sub-wave III ended. Then prices dropped in the development of a cycle correction IV. This wave can take the form of a primary double zigzag.
It is possible that wave IV will be at 38.2% of impulse III. In fact, it could complete its pattern near 147.36.
Don’t have an account yet? No stress! Open your Orbex account now!
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
- TSLA shares rose on a weak report. Inflationary pressures are easing in Australia Apr 24, 2024
- USDJPY: On intervention watch Apr 24, 2024
- Euro gains against the dollar amid mixed economic signals Apr 24, 2024
- PMI data is the focus of investors’ attention today. Turkey, Iraq, Qatar, and UAE signed a transportation agreement Apr 23, 2024
- Australian dollar rises on strong economic indicators Apr 23, 2024
- Geopolitical risks in the Middle East are declining. China kept interest rates at lows Apr 22, 2024
- Brent crude dips to four-week low amid easing geopolitical tensions Apr 22, 2024
- COT Metals Charts: Speculator bets led by Copper & Silver Apr 20, 2024
- COT Bonds Charts: Speculator bets led by 10-Year Bonds & Fed Funds Apr 20, 2024
- COT Stock Market Charts: Speculator bets led by S&P500-Mini Apr 20, 2024