GBPJPY 161.70 Likely To Complete Cycle Wave Y

On the chart, we could see the structure of the last actionary wave Ⓨ of the primary degree, which hints at a simple (A)-(B)-(C) zigzag.

Let’s pay attention to the last intermediate wave (C), which is currently under construction. It seems that its first four sub-waves are already completed. So there is room for growth in the final wave 5 to the 161.70 area.

At that level, intermediate impulse wave (C) will be at 76.4% of wave (A).

The alternative suggests that the cycle wave y will be more complex in its structure. This means it will take the form of a triple zigzag rather than a double one.

In this case, we can assume that the primary actionary wave Ⓨ in the form of a double zigzag was completed.

Then the market began to build a primary intervening wave Ⓧ. This wave will probably have a simple zigzag shape.

At the moment, we see a completed wave (A) of the intermediate degree. This has the structure of the leading diagonal, and the correction (B) also looks complete.

Thus, in the short term, the market could move down in wave (C) to 149.02, marked by a minor wave B.

About the Author
“John Benjamin Resident Analyst at Orbex. John has over 8 years of experience specializing in the currency markets, tracking the macroeconomic and geopolitical developments shaping the financial markets. John applies a mix of fundamental and technical analysis and has a special interest in inter-market analysis and global politics.” [space height="10"] At Orbex, we are dedicated to serving our clients responsibly with the latest innovations in forex tools and resources to assist you in trading. Please Director at Visit our site for more details.

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