Tue, May 30, 2023 @ 07:22 GMT
HomeContributorsTechnical AnalysisUSD/JPY: Bulls Need a Last Spurt to Complete the Intermediate Impulse

USD/JPY: Bulls Need a Last Spurt to Complete the Intermediate Impulse

The current chart of the USDJPY pair shows the formation of a global impulse trend, which consists of cycle waves. In the last section of the chart, we see how confidently it creeps up in the cycle wave V, more precisely in its final part.

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

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 may rise to 150.91.

At that price level, minor wave 5 will be at 76.4% of impulse 3.

An alternative scenario shows that the 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.

It is assumed that a bearish impulse Ⓐ may form on the market in the near future, which will mark the beginning of a new 3-wave zigzag.

The upcoming decline may reach the area of 140.38, that is, the previous minimum of fluctuations, and then even lower.

At Orbex, we are dedicated to serving our clients responsibly with the latest innovations in forex tools and resources to assist you in trading.

Featured Analysis

Learn Forex Trading