Home Trading GBPJPY Bullish Stream to Reach 176.39

GBPJPY Bullish Stream to Reach 176.39


Chart of GBPJPY

GBPJPY seems to be forming a large corrective triple zigzag Ⓦ-Ⓧ-Ⓨ-Ⓧ-Ⓩ pattern. The final wave Ⓩ could take the form of an intermediate double zigzag (W)-(X)-(Y).

Two sub-waves (W and X) are assumed to have been formed. Now, the final actionary wave (Y), can be constructed. It could take the shape of a double Z-Z-Y. A minor subwave Y is required in order to complete this double-zigzag.

The price at 176.39 is the target for bulls. Wave (Y) will then be at 76.4% as previous actionary wave W.

Chart of GBPJPY

Let’s consider an alternative scenario, as seen above. This creates a bearish interfering wave x. It can end in the form of a triple zigzag, for the construction of which a final sub-wave Ⓩ is needed.

The current structure of the primary wave Ⓩ suggests an intermediate triple zigzag (W)-(X)-(Y)-(X)-(Z). The four sub-waves of zigzag aforementioned have been completed. We expect the sub-wave Z to drop to 148.27 in the near future.

At the specified level, wave Ⓩ will be at 123.6% of actionary wave Ⓨ.

The post GBPJPY Bullish Tendency to Reach 176.39 This article was first published on Orbex Forex Trading Forum.

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