Wed, Feb 08, 2023 @ 00:12 GMT
HomeContributorsTechnical AnalysisGBP/JPY: Correction Pattern Completion Coming Up

GBP/JPY: Correction Pattern Completion Coming Up

In the long term, GBPJPY seems to be forming a global corrective trend that takes the form of a double zigzag. On the 1H timeframe, the final part of this trend is visible – the actionary wave y of the cycle degree.

It seems that the wave y takes the form of a triple zigzag of the primary degree, which may soon be fully completed. After the end of the second intervening wave, which took the form of a triple combination, the price began to move up.

Most likely, the wave takes the form of a triple zigzag, in which four parts look finished. In the near future, growth is expected within the final intermediate wave (Z). The completion of the entire wave is possible near 176.04. At that level, wave will be at 76.4% of wave.

In an alternative scenario, the market builds not a double, but a triple zigzag w-x-y-x-z of the cycle degree. And now its fourth part is being formed, that is, the intervening wave x, which may take the form of a triple zigzag.

It is assumed that the first four parts of the primary correction pattern are fully completed.

Perhaps in the near future, the market will fall in the last wave to 148.10. At that level, cycle wave x will be at 50% along the Fibonacci lines of actionary wave y.

An approximate scheme of possible future movement is shown on the chart.

Orbex
Orbexhttp://www.orbex.com/en/agent/cl/ccc678cb86b9
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