Simplified Wave Analysis. Review of GBP / JPY pair for the week of November 7

Purchasing the pair will be the most profitable in the upcoming week. It is necessary to take into account the limited potential of the current price growth. The calculated resistance zone indicates the lower limit of the potential reversal zone.

Wave pattern on the H4 chart:

The current wave structure of this scale is ascending, begins on 15 August. The structure is tracked clear zigzag.

Wave pattern on the H1 chart:

The bearish wave of September 21 in the larger model took the place of correction (B).

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Wave pattern on the M15 chart:

The bullish section from October 26 will eventually move to a higher wave level, which has a pronounced pulse character. In the coming days, it is possible to have a flat with a downward motion vector.

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Recommended trading strategy:

Purchasing the pair will be the most profitable in the upcoming week. It is necessary to take into account the limited potential of the current price growth. The calculated resistance zone indicates the lower limit of the potential reversal zone.

Resistance zones:

- 150.00 / 150.50

Support areas:

- 147.80 / 147.30

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