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Trader, analyst and instructor with a 6-year experience

USD/JPY: weekly wave analysis

By Roman Petuchov

Daily. The pair continues building a global uptrend 1.

H12. USD/JPY is now forming the final upward momentum (v). Its layout is shown at the picture. Formation of convergent horizontal triangle IV is complete, and we see the beginning of a new uptrend V.



H4. The layout of the ascending impulse [1] shown at the picture. Because of a very powerful wave (3), the wave (5) doesn’t have the strength to renew the previous local maximum, so the impulse [1] was short. This week we expect a decline in correctional Zigzag [2]. After the wave [2] the pair continue rising.

 

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