Large-scale graphics:
Since March last year, the price forms an upward wave in the main pair of the Japanese yen. By the beginning of this year, the first parts of the structure (A + B) have been fully formed.
Medium scale graphics:
The ascending part of the chart from January 3 has a high reversal potential. In the wake of the daytime TF, it gave rise to the final part (C).
Small-scale graphics:
From January 19, the price forms a flat descending wave. In a larger scale model, it takes the place of correction.
Forecast and recommendations:
On the chart is completed preparation for a powerful price spurt upward. This trend will become dominant for the next month. At the ends of oncoming kickbacks, it is recommended to track long entry signals.
Resistance zones:
- 111.00 / 111.50
Support areas:
- 109.00 / 108.50
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