(Click on image to enlarge)

The USDJPY chart shows the formation of a global impulse trend, which consists of cycle waves. In recent months, we have seen the price creeping up in the final cycle wave V.

Wave V takes the form of a 5-wave impulse of the primary degree ①-②-③-④-⑤. In this impulse, the first four parts are completed.

Currently, we can expect the construction of the primary fifth wave, which takes the form of an intermediate impulse (1)-(2)-(3)-(4)-(5). The price in the final primary wave ⑤ could rise to 154.22.

At that price level, minor wave 5, which is similar to the ending diagonal, will be at 100% of impulse 3.

(Click on image to enlarge)

An alternative scenario shows that the entire cycle wave V has ended in the form of a primary impulse.

In the next coming trading weeks, we can expect prices to fall and the formation of a new bearish trend.

A bearish double zigzag of the primary degree Ⓦ-Ⓧ-Ⓨ could form in the market soon.

The upcoming decline in the first wave Ⓦ could reach the area of 140.38.

More By This Author:

What To Expect From FOMC Meeting
Intraday Market Analysis – EUR Seeks Support
GBPUSD Triple Zigzag Seeks Parity!