Simplified Wave Analysis. GBP / JPY review for the week of November 1

Wave pattern on the H4 chart:

The main direction of the short-term trend since the beginning of the year is set by the downward wave of daily scale. The last wave on the H4 chart is at the end of the trend.

Wave pattern on the H1 chart:

From August 15, a bullish wave zigzag is observed on the chart. In the structure of the movement, the middle part (B) is nearing completion.

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Wave pattern on the M15 chart:

The rising wave that began on October 26 does not have a turning potential but may become the basis for a larger turning pattern.

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Recommended trading strategy:

In the coming week period, you can count on a short-term price increase. High likelihood of high volatility. Shopping will be justified only with intraday trading style. The rest are advised to refrain from trade transactions.

Resistance zones:

- 146.70 / 147.20

Support areas:

- 143.80 / 143.30

Explanations to the figures:

The simplified wave analysis uses waves consisting of 3 parts (A – B – C). For the analysis, three main TFs are used. On every last part, the incomplete wave is analyzed. Zones show calculated areas with the highest probability of reversal.

The arrows indicate the wave marking by the method used by the author. The solid background shows the formed structure while the dotted shows the expected movement.

Note: The wave algorithm does not take into account the duration of tool movements over time. To conduct a trade transaction, you need confirmation signals from the trading systems you use!

The material has been provided by InstaForex Company - www.instaforex.com