20 Apr

GBPJPY Impulse Trend Jumps Over 170

April 20, 2022

By Orbex

GBPJPY

In the long term, the GBPJPY pair seems to be forming a large correction trend, taking the form of a triple zigzag. On the 1H timeframe, the final actionary wave z of the cycle degree is visible.

It is likely that the wave z takes the form of a simple zigzag Ⓐ-Ⓑ-Ⓒ of the primary degree. After the end of correction Ⓑ, which took the form of a triple combination, prices began to rise.

It is possible that the first four parts are complete as part of the potential impulse Ⓒ. The currency could now grow within the intermediate impulse (5).

The completion of the entire wave Ⓒ is possible near 174.02. At that level, wave z will be equal to wave y.

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.





Download Our Metatrader 4 Indicators – Put Our Free MetaTrader 4 Custom Indicators on your charts when you join our Weekly Newsletter




GBPJPY

Alternatively, only the formation of the intermediate impulse (3), which is part of the primary wave Ⓒ, has come to an end.

Thus, a correction decline in the intermediate wave (4) could happen in the near future. It is possible that prices will fall to 159.74. At that level, correction (4) will be at 50% along the Fibonacci lines of impulse (3).

Join our responsible trading community – Open your Orbex account now!

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 products link




Financial News Forex and Currency News