USDJPY Bearish Double Zigzag Underway!

Chart of USDJPY


The USDJPY currency seems to be forming a bearish trend. Most likely, the trend takes the form of a double zigzag Ⓦ-Ⓧ-Ⓨ, within which the sub-waves Ⓦ-Ⓧ are completed.

The wave Ⓧ is a double zigzag consisting of intermediate sub-waves (W)-(X)-(Y).

At the moment, the beginning of a primary wave Ⓨ will have a standard zigzag shape (A)-(B)-(C).

The end of the first impulse sub-wave (A) is possible near the minimum of 129.64.

(Click on image to enlarge)

Chart of USDJPY

However, in an alternative scenario, wave Ⓧ continues to build.

In waves Ⓧ, we see completed intermediate sub-waves (W) and (X).

Most likely, the final actionary wave (Y) is being constructed on the last section of the chart. The internal structure of which hints at a triple zigzag W-X-Y-X-Z.

We expect a bullish movement towards 146.16, where the primary wave Ⓧ will be at 76.4% of wave Ⓦ.


More By This Author:

The End Of China’s Recovery?
EURUSD: The First Part Of The Double ZigZag Pattern Is Completed
Intraday Analysis – EUR Gains Momentum

Disclaimer: Orbex LIMITED is a fully licensed and Regulated Cyprus Investment Firm (CIF) governed and supervised by the Cyprus Securities and Exchange Commission (CySEC) (License Number ...

more
How did you like this article? Let us know so we can better customize your reading experience.

Comments

Leave a comment to automatically be entered into our contest to win a free Echo Show.
Or Sign in with