Simplified wave analysis of GBP / JPY for February 14

Large-scale graphics:

Given the combination of several factors at once:

- the formation of the structure of the wave, with the correct proportions of all its parts;

- achieving strong support;

- the presence of a reversal model;

You can state the completion of the current entire last year of the downtrend.

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Medium scale graphics:

The rising wave from January 3 has a high wave level. Given the impulsive nature of the wave, in the coming months, the whole movement will move to a larger scale.

Small-scale graphics:

The bearish wave of January 25 in the wave of the watch TF corrects the previous trend segment. The preliminary goal of the reduction has been achieved, but the structure of the movement does not demonstrate completeness. The probability of wave elongation down, beyond the nearest support, is quite high.

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Forecast and recommendations:

Considering the upcoming change in the entire short-term trend of the instrument, it is recommended to track reversal signals at the ends of all downward movements to search for entry into long positions.

Resistance zones:

- 145.50 / 146.00

Support areas:

- 141.50 / 141.00

- 137.50 / 137.00

Explanations for the figures: The simplified wave analysis uses waves consisting of 3 parts (A – B – C). The analysis uses 3 consecutive scale graph. 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.

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