Trader, analyst and instructor with a 6-year experience

USD/JPY: weekly wave analysis

by Roman Petukhov

Daily. Construction of a long-lasting and powerful uptrend V, the formation of which started after the end of triangle IV, is in progress.

H12. The chart contains the layout of wave V ending. We see that the last upward impulse (5) of [5] of V is being formed. Let us consider its internal structure to determine the trend potential for the upcoming week.

H4. Within wave (5), we can observe construction of a corrective wave 4, which is taking the form of an extended horizontal correction. When wave 4 is fully complete, which is to happen within the first few trading days of the new week, the price growth will continue up to the previous high level, as indicated on the chart.

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