Thu, Mar 23, 2023 @ 11:46 GMT
HomeContributorsTechnical AnalysisUSD/JPY: The Currency in Bullish Impulse May Reach 140.06

USD/JPY: The Currency in Bullish Impulse May Reach 140.06

To date, the USDJPY currency shows the formation of a global impulse trend, which consists of cycle waves.

For more than four months, the price has been rising in a cycle wave V.

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

Currently, the construction of the primary fifth wave is assumed, which takes the form of an intermediate impulse. The price in the final primary wave ⑤ may rise to the level of 140.06.

At that level, wave V will be at 200% of 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 a fall in the exchange rate and the formation of a new bearish trend.

In the near future, we can assume the formation of a bearish impulse, which will consist of primary sub-waves ①-②-③-④-5, as shown in the chart, where the first two small sub-waves ①-2 are constructed.

The upcoming decline may reach the area of 121.27, the previous minimum of fluctuations, and possibly even lower.

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