The USD/JPY pair shows the formation of a large-scale horizontal correction B, which has a triangular structure.
On the 4H chart, its final part, which is the wave [E], is visible. Wave [E] is a double zigzag, which now includes the development of the last wave Y. It also took the form of a double combination.
Currently, waves [W] and [X] are complete, as well as two sub-waves (A) and (B) of the final zigzag [Y]. Let us look at the marking of the last section of the chart on the 1H chart.
Here we can see that the ascending wave (A) took the form of a five-wave pattern. The downward correction wave (B) has the structure of a double zigzag W-X-Y.
An ascending impulse wave (C) is currently being developed. Judging by its internal structure, sub-waves 1-2-3 were completed. It also has a deep correctional wave 4, which took the form of a triple zigzag. It seems to have come to an end.
Now the market is gaining momentum for a rise in the final wave 5. Shortly after, we expect a reversal of the pair and the beginning of a decline in a new trend.
The pair is expected to advance to the level of 111.50. In this case, it is recommended to open long positions.
The material has been provided by InstaForex Company – www.instaforex.com
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