USD/JPY: weekly wave analysis
By Roman Petuchov
Daily. The pair is forming the global uptrend. At the last section, we are seeing the construction of a convergent horizontal triangle, which is the wave IV. When it’s complete, the pair will start rising in the impulse V.
H12. It’s difficult to predict the end of an extended horizontal correction, so we’ll consider 2 possible scenarios of the upcoming movement. The first option states that the correction IV is already over. If so, in the next few weeks we’ll see the pair rise in the new wave V.
H4. An alternative scenario is shown here. According to it, the construction of the wave [e] isn’t complete yet. It is taking the form of Triple Three, and next week we’ll see a reduction in the final correctional wave (z). Let’s see which scenario is realized.