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usdjpy 1h

The current USDJPY structure hints at a cycle degree bullish zigzag y consisting of primary waves Ⓐ-Ⓑ-Ⓒ.

 Sub-waves Ⓐ and Ⓑ are fully completed, wave Ⓒ , however, is still under development. Wave Ⓒ consists of intermediate waves (1)-(2)-(3)-(4)-(5).

 With impulse waves (1)-(2)-(3) and (4) having ended, wave (5) could conclude the impulse move soon.

 A target area for wave (5) is near the 110.94 area. The target would respect the tenancy of waves Ⓐ and Ⓒ being equal.usdjpy

Another possible target is near the 110.21 area. This 5th wave ending structure suggests that the primary wave Ⓒ could end up forming a diagonal pattern.

The ending diagonal usually indicates the end of a trend. When considering the current ratios, prices could move higher close to the trendline/price intersection.

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