Simplified wave analysis of GBP / JPY for January 24

Large-scale graphics:

Over the past year, a downward wave has been formed on the graph, setting the main direction of short-term cross movements.


Medium scale graphics:

The descending section of November 8 completes the wave structure of the D1 scale. To date, the coincidence of several factors at once indicates a high probability of the completion of this wave.


Small-scale graphics:

The ascending segment of January 3 is formed as an impulse. A wave of incorrect correction originated in the structure of the movement a week ago. From the nearest resistance is expected to decline.

Forecast and recommendations:

The current price increase with high probability will give rise to a new short-term trend of the cross. At the end of counter drops, it is recommended to look for reversal signals to search for entry into long positions.

Resistance zones:

- 143.80 / 144.30

Support areas:

- 141.00 / 140.50

Explanatory notes 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 -