GBPJPY Double Or Triple Zigzag?

The current GBPJPY structure suggests the development of the final part of the cycle wave y, which takes the form of a double zigzag consisting of sub-waves Ⓦ-Ⓧ-Ⓨ. The last actionary wave Ⓨ is currently under development.

Apparently, the primary wave Ⓨ is a standard zigzag (A)-(B)-(C). The intermediate correction (B), which has the form of a triple zigzag, was completed not so long ago.

In the near future, we can expect an impulse price rise in the intermediate wave (C). This could take the form of a 1-2-3-4-5 impulse, as indicated on the chart, near 160.65.

At that level, the intermediate wave (C) will be at 61.8% of impulse wave (A).


An alternative scenario suggests the formation of a large triple zigzag, with the primary second intervening wave Ⓧ.

The internal structure of this wave is similar to a triple zigzag of the intermediate degree. The sub-waves (W)-(X)-(Y) could have already ended. We can also assume that the intermediate intervening wave (X) has come to an end, taking the form of a minor triple zigzag.

In the near future, prices could decline in the final wave (Z). At that level, wave (Z) will be at 123,6% of wave (Y).

Won't your trader friends like this?
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.

Leave a Reply