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).

GBPJPY

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).

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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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