Simplified wave analysis of GBP / JPY for January 17

Large-scale graphics:

The direction of the price trend of the cross since February of last year looks at the "south" of the chart. A large scale support zone has been reached. The wave structure looks complete.

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Medium scale graphics:

The descending section of the chart from November 8 completed the wave of the trend of a larger TF. Bullish price movement claims at least a correction.

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Small-scale graphics:

The rising wave of January 3 has a reversal potential, developing as a classic impulse. A downward pullback is expected in the coming days.

Forecast and recommendations:

The coming weeks will be favorable for tool purchases. At the end of each oncoming traffic, it is recommended to track the reversal signals.

Resistance zones:

- 143.90 / 144.40

- 140.80 / 141.30

Support areas:

- 138.00 / 137.50

Explanations for the figures: The simplified wave analysis uses waves consisting of 3 parts (A – B – C). For analysis, 3 consecutive graphs are used. Each of them analyzes the last, incomplete wave. 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, the dotted - the expected movement.

Attention: 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