Large-scale graph:
The general direction of the major yen movement since March of last year is set by the rising wave. The counter-correctional part of the model started in July, which ended at the beginning of the current month.
Medium scale graph:
The plot of the schedule of December 13 completes the bearish design of a larger scale. The preliminary goals have been achieved, the structure looks complete.
Small-scale graph:
Since January 3, a potentially reversal bullish pattern has formed, which will give rise to a new short-term trend. In recent days, there is a rollback to the correction (B).
Forecast and recommendations:
In the coming days, the yen is supposed to be flat. Active movements are not expected until the completion of the preparatory parts (AB). In the area of calculated support, it is recommended to start tracking the signals of entry into long positions.
Resistance zones:
- 108.80 / 109.30
Support areas:
- 106.80 / 106.30
Explanations of the figures:
The simplified wave analysis uses waves consisting of 3 parts (A – B – C). Three consecutive graphs are used for analysis. Each of these 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 and the dotted exhibits 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