Large-scale graphics:
Since March last year, the bullish wave has been developing, setting the dominant direction to the price trend of the yen major. By the end of the year, the formation of the first 2 parts (A + B) was completed.
Medium scale graphics:
From January 3, the main course of the short-term set is the ascending wave structure, which potentially will be the final part of the main trend wave. The movement has a pronounced pulse form.
Small-scale graphics:
On the chart, from January 31, a new upward movement is observed. The waveforms the final part (C) in the model of the older TF. In recent days, the price moves sideways.
Forecast and recommendations:
There are no conditions for the sale of a pair on any of the scale charts. Conditions are being formed for a new uptrend. It is recommended to track the instrument purchase signals.
Resistance zones:
- 111.00 / 111.50
Support areas:
- 109.50 / 109.00
Explanatory notes 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