This article was first published on Orbex Forex Trading Blog.
This content is synced from the rightful owners. Copyright on text and images belong to the original source.
The USDJPY structure shows a bearish intervening wave Ⓧ that takes the form of a triple zigzag. The zigzag consists of intermediate sub-waves (W)-(X)-(Y)-(X)-(Z).
At the time of writing, waves (W), (X), (Y), (X) are fully complete. Wave (Z) however, is under construction as a double W-X-Y zigzag.
Minor sub-waves W and X are complete, with prices moving within the bearish Y zigzag.
It is likely that the primary wave Ⓧ completes its pattern near 103.47.
An alternative scenario shows that zigzag (Z) is not yet complete, consisting of a flat ⓐ-ⓑ-ⓒ of the minute degree.
In the near future, a slight decline is expected in the final correction ⓑ to the 104.01 area.
We could then see a rise to the previous maximum in the impulse wave ⓒ to 106.10.
Finally, the market will move in a downward direction, forming minor wave Y.
The post USDJPY Triple Combination Completion for Fresh Lows appeared first on Orbex Forex T...
To keep reading this article, please navigate to: Orbex Forex Trading Blog.