Wave analysis: EUR/USD, GBP/USD, USD/JPY
After the end of a long upward trend in the form of a zigzag W, we saw the formation of a downward corrective wave of ligament X, which takes the form of a double zigzag [W] - [X] - [Y] (In the figure, this wave is separated by a channel). And now the final part of this double zigzag is formed - wave [Y], which is a simple zigzag.
In the next few days, the development of the upward correction (B) of [Y] near 1.169 level is expected (Since wave (B) takes the form of a wave plane, and waves A and C in planes tend to be equal in magnitude), then it is expected reversal and continuation of the downward trend within the wave (C) of [Y] of X in the direction of the lower boundary of the channel indicated on the chart.
Most likely, we see the construction of an ascending correction wave B of (y) of [x], which is part of the zigzag (y). Thus, after the upward correction wave B is over, we are expected to finally reduce the currency pair to the lower border of the channel within the downward impulse C. It is recommended to consider purchases when the price approaches the lower border of the specified channel, since subsequently we can expect a good upward trend in the direction the upper wall of the channel.
For USDJPY, we see a fairly long growth, which, from the point of view of wave analysis, is a simple zigzag A-B-C, where wave C takes the form of a finite diagonal triangle (KDT). At the moment, the final part of this FTC is formed, namely the wave [v]. Thus, in the near future, a small decrease in the currency pair is expected within the correction (b), after which we see the price rise within the final impulse (c) in the direction of the level - 114.73 (Most likely, the wave (c) will end in the region of the maximum formed by the wave (a)). It is possible to consider the entry at a position near the level - 113.52, in order to take motion within the framework of a bullish pulse (c).
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