By Orbex
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:
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.
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!
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
- Brent crude oil experiences modest uptick amid mixed market signals May 7, 2024
- FXTM’s Wheat: Touches fresh 2024 high! May 7, 2024
- The RBA kept all monetary policy settings. Oil rises amid the breakdown of negotiations between Israel and Hamas May 7, 2024
- Investors expect a hawkish stance from the RBA. Natural gas prices returned to growth May 6, 2024
- Trade Of The Week: Ripple ready to create waves? May 6, 2024
- COT Metals Charts: Speculator bets led by Gold & Steel May 4, 2024
- COT Bonds Charts: Speculator bets led lower by SOFR 3M & 10-Year Bonds May 4, 2024
- COT Soft Commodities Charts: Speculator bets led by Wheat, Soybean Meal & Corn May 4, 2024
- COT Stock Market Charts: Speculator bets led lower by S&P500 & MSCI EAFE May 4, 2024
- The British index has updated the historical maximum. Oil lost 5% over the week May 3, 2024