USDJPY Cycle Or Global Impulse?
The structure of the USDJPY currency shows the formation of a global impulse trend.
On the current chart, we see prices rising in a cycle wave V which takes the form of a 5-wave impulse ①-②-③-④-⑤ of the primary degree. In the specified pulse, the first four parts look completed.
The final primary fifth wave takes the form of an intermediate impulse and could rise to 148.09.
At that price level, wave V will be at 200% of the previous cycle impulse III.
An alternative scenario shows that the entire cycle wave V has already ended in the form of a primary impulse.
Thus, in the next coming trading weeks, we can expect the formation of a new bearish trend.
In the short term a bearish impulse could form and consist of primary sub-waves ① -② -③ -④ -⑤ and reach 130.43.
More By This Author:
Intraday Market Analysis – GBP Struggles For Support, Sept. 19
The Week Ahead – Dead Cat Bounce
Japan CPI, China Loan Prime Rate
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 124/10). ...
more
Comments
