Simplified wave analysis of GBP / JPY for the week of November 29

Wave pattern on the H4 chart:

The direction of the price movement of the cross in the short term sets the rising wave of August 15 and its structure looks complete.

Wave pattern on the H1 chart:

The high potential of the bearish wave that started on November 8 indicates a quick change in the direction of the short-term trend with the first part (A) completely formed.

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Wave pattern on the M15 chart:

The ascending portion of November 15 in the wave of the older H1 timeframe forms a correction.

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Recommended trading strategy:

In the upcoming weekly period, trade deals are not recommended. Short-term purchases are possible within the framework of the intraday, however, it is more reasonable to reduce the lot. In the area of the calculated resistance, it is recommended to track the sales signals of the instrument.

Resistance zones:

- 147.30 / 147.80

Support areas:

- 143.70 / 143.20

Explanations of 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